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| Sir Philip Green sells BHS to Retail Acquisitions | |
| (35 minutes later) | |
| Sir Philip Green has sold department store chain BHS to an investment vehicle Retail Acquisitions Ltd. | |
| BHS was part of the Arcadia Group, controlled by Sir Philip, which still includes TopShop, Burton and Evans. | BHS was part of the Arcadia Group, controlled by Sir Philip, which still includes TopShop, Burton and Evans. |
| Founded in 1928 in London's Brixton, BHS has 180 stores and employs almost 12,000 staff. | Founded in 1928 in London's Brixton, BHS has 180 stores and employs almost 12,000 staff. |
| But the chain has been struggling. In 2013 BHS lost £69.6m on sales of £675.7m, which was down 3.5% on the previous year. | But the chain has been struggling. In 2013 BHS lost £69.6m on sales of £675.7m, which was down 3.5% on the previous year. |
| Control of BHS will pass over today, Arcadia Group said in a statement. | Control of BHS will pass over today, Arcadia Group said in a statement. |
| Sir Philip says: "I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand. | |
| "Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward." | |
| Retail Acquisitions Ltd was set up early last year to try to push through this deal. The firm is backed by a number of investors including brokers and lawyers. | |
| The firm plans to keep the BHS management structure in place, and will appoint a new chairman in due course. |