Weston closer to Selfridges purchase

Plans by Brown Thomas owner Galen Weston to land UK store group Selfridges appeared clear today after a potential rival pulled out of the running.

Property tycoon Robert Tchenguiz, who had been given until today to confirm his intentions, will not table a takeover offer for the group.

Mr Tchenguiz said the decision by his company Aletheia Partners and its consortium of investors had been made “in light of the continuing uncertainty regarding the general retail trading environment”.

That means Canadian billionaire Weston’s €868m offer for the upmarket department store group is the only firm bid on the table.

Shareholders have now been given until Thursday to accept Mr Weston’s offer of 387p a share, announced on May 12.

In a brief statement, Aletheia Partners said: “We wish Selfridges and its employees every success under Galen Weston’s stewardship.”

Mr Weston, who owns the Brown Thomas stores as well as retail chains in Canada, is now poised to pick up the group’s flagship Oxford Street store as well as two outlets in Manchester.

Selfridges is opening a fourth shop in Birmingham and has plans for others in cities including Glasgow, Bristol and Newcastle as it seeks eight UK stores.