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Sir Philip Green sells BHS to Retail Acquisitions 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.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.
The company was sold debt free, but one of the issues hampering deals has been the losses made by the chain.
In 2013, it lost £69.6m on £675.7m of sales, down 3.5% on the previous year. The BBC understands the asking price for BHS could have been as low as £1.
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.
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.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.""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. Retail Acquisitions Ltd was set up early last year to try to push through this deal, but may look to make more acquisitions in the future. The firm is backed by a number of investors including brokers and lawyers.
Safeguard
The firm plans to keep the BHS management structure in place, and will appoint a new chairman in due course.The firm plans to keep the BHS management structure in place, and will appoint a new chairman in due course.
Keith Smith, the chairman of Retail Acquisitions Ltd, said: "This is a fantastic opportunity to breathe new life into this iconic British high street brand.
"We are convinced that with strategic and focussed support we will return BHS to profitability, and safeguard the workforce."
Mr Smith is a former director at former City finance house Nabarro Wells.