Sir Philip Green has sold department store chain BHS to an investment firm called Retail Acquisitions, ending his 15-year ownership of the business.
BHS was part of the Arcadia Group, controlled by Sir Philip, which still includes TopShop, Dorothy Perkins, Miss Selfridge and Wallis.
Sir Philip said the retailer, which has 171 store sites throughout the UK, has been handed over in “a sound financial position” with “significant cash balances and banking facilities” in place.
“I am pleased that we have found a buyer in Retail Acquisitions 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,” he said.
“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.”
Retail Acquisitions, which was set up in November, according to its Companies House filings, is chaired by former City financier Keith Smith.
He 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.
“By backing the existing management and investing in their plan, we are confident that we can build upon many of the initiatives already in place. In addition, Retail Acquisitions Ltd will appoint a BHS chairman with significant retail experience and further retail turnaround experts in due course.”