Arcadia Group owner Sir Philip Green has sold BHS to Retail Acquisitions.
Green said in January that the 185-strong department store chain would be coming up for sale as part of a review of its property portfolio announced in November last year, following a 3% fall in annual profits on a turnover of £143m in the year to 30 August.
Arcadia, which also owns TopShop, Dorothy Perkins and Miss Selfridge, said the group’s loss in sales last year was down to BHS, whose losses had increased year-on-year from £19.3m to £21m.
Green bought BHS, formerly known as British Home Stores, from the Storehouse corporation for £200m in 2000. He turned the business around and a year later it was worth £1.2bn.
“The business is handed over in a sound financial position with significant cash balances and banking facilities in place,” said Green. “I am confident that Retail Acquisitions have a platform to grow the business and return it to profitability.”
The chairman of Retail Acquisitions, Keith Smith, said: “This is a fantastic opportunity to breathe new life into this iconic British high street brand. We are convinced that with strategic and focused support we will return BHS to profitability, and safeguard the workforce.
