Sir Philip Green has sold department store group BHS to investment vehicle Retail Acquisitions.
The move will extricate BHS from Sir Philip’s wider Arcadia group, which also includes TopShop, Wallis and Dorothy Perkins, with which it was integrated in 2009.
Sir Philip said: “I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand. Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward.”
Keith Smith, the chairman of Retail Acquisitions, said: “This is a fantastic opportunity to breathe new life into this iconic British high street brand. We are convinced that with strategic and focussed support we will return BHS to profitability, and safeguard the workforce."
