Sir Philip Green sells struggling retailer BHS
BELEAGUERED retailer BHS has been sold by tycoon Sir Philip Green to a consortium of investors for what is understood to be a nominal sum.
Sir Philip announced the deal today nearly 15 years after buying the chain.
BHS, which has 171 stores and employs 11,000 staff, is being acquired by Retail Acquisitions. The value of the deal has not been disclosed.
The consortium is led by stockbroker Keith Smith, formerly of City firm Nabarro Wells, and also includes entrepreneur and former racing driver Dominic Chappell, as well as Spanish turnaround and oil distribution firm Olivia Petroleum.
Mr Smith said it was to appoint a BHS chairman with "significant retail experience".
It was reported that former Thomas Cook boss Harriet Green had been approached.
Sir Philip said: "I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand."
"I am confident that Retail Acquisitions Limited have a platform to grow the business and return it to profitability.
"Most of the senior management have been with BHS for a long time and know the business very well - I am confident that they will work seamlessly with the new owners to achieve the very best for BHS."
Mr 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 focussed support we will return BHS to profitability, and safeguard the workforce."
