Member Article

Sir Philip Green sells ‘loss-making’ BHS for just £1

Clothing and homeware retailer BHS has been sold by entrepreneur Sir Philip Green to a consortium of investors for just £1.

BHS, which has 171 stores and employs 11,000 staff, is to be acquired by Retail Acquisitions.

The value of the deal has not been officially disclosed, but BBC and ITV have revealed that the sum is £1, as the consortium has allegedly written off “substantial” debts.

The consortium is led by stockbroker Keith Smith, formerly of City firm Nabarro Wells, and also includes entrepreneur and former racing driver Dominic Chappell, as well as Spanish firm Olivia Petroleum.

Sir Philip, who is the chairman of the Arcadia Group, a retail giant that includes Topshop, Topman, Wallis, Evans, Burton, Miss Selfridge, Dorothy Perkins and Outfit said: “I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand. I am confident that Retail Acquisitions Limited have a platform to grow the business and return it to profitability.”

Joshua Raymond, chief market strategist at broker City Index, said told the BBC: “[Sir Philip] Green has been looking to sell the loss-making BHS business for years and now he has found a buyer, he can finally draw a line in the sand.”

This was posted in Bdaily's Members' News section by Ellen Forster .