Marks & Spencer is in talks to take over Simpson of Piccadilly, which was put on sale seven weeks ago.
Simpsons has 6,500 sq m (70,000 sq ft) of retail space spread over eight storeys, but has not been in profit for three years.
Marks and Spencer declined to comment on the talks, but industry sources believe the company is offering in excess of £1.5m a year in rent to transform the site into a new flagship store.
The Times 31/08/98 page 48
