By Henry Saker-Clark, PA Deputy Business EditorSaudi Arabia’s sovereign wealth fund has agreed to buy a significant stake in the owner of Irish department stores Brown Thomas and Arnotts. The Saudi Public Investment Fund (PIF) will partner with current co-owners Thai-based Central Group to take control of the Selfridges Group, which operates the stores in Ireland. It comes after Austrian real estate conglomerate Signa, which had co-owned Selfridges with Central, collapsed into insolvency last year. In total, the group owns and operates 18 department stores in the UK, Ireland and the Netherlands. The owners said the deal will also include new investment from PIF and Central to strengthen the retail firm’s position and future growth.

Source: The Herald October 08, 2024 14:54 UTC