Thai investor Central Group is set to take control of the company behind London’s upmarket department store Selfridges, amid a financial crisis at its Austrian co-owner Signa.
Central Group, owned by the Chirathivat family, on Tuesday said it will become the majority owner of Selfridges Group — which also includes retailers De Bijenkorf in the Netherlands, as well as Brown Thomas and Arnotts in Ireland — after it converted a loan into equity. Central and Signa bought the group for ￡4bn almost two years ago.
The outcome comes after the pair earlier this year replaced a €354mn loan from Julius Baer, the Swiss bank, with a short-term shareholder loan of €364mn at the end of August.
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