Central Retail Corp, one of Thailand’s biggest retailers, says it is open to investing in the iconic Selfridges department store in London if the opportunity meets the right conditions.
The company will assess any new investment based on whether it aligns with Central Retail’s strategic business plan, is appropriately priced and has optimal timing, it said in a statement to the Stock Exchange of Thailand on Friday.
So far it has not received any communication from Central Group — its parent and the majority owner of Selfridges since November — about an investment, it said.
The statement followed reports that Central Group was seeking new investment partners amid a potential cash crunch at Selfridges. Accounts filed last week show the department store’s holding company, Cambridge Properties Holding Ltd, is in discussions with Central Group for future financing to pay upcoming debt after Signa Prime Selection AG — Cambridge’s co-owner — applied for insolvency.
Central Retail, whose businesses include malls in Vietnam, Italy and Thailand, in 2022 turned down an offer to invest in Selfridges. In its statement, it said any investment it makes must contribute positively to the company and prioritise maximum benefit to shareholders.
Central Group bought Selfridges in 2022 with Signa, a group controlled by Austrian investor Rene Benko, and together they co-own the property as well as the operating business.
Interest payments on the property company’s £2.2 billion (US$2.8 billion) in debt have soared since then, leaving it dependent on support from its owners.
Central Group also has control over other department stores in the Selfridges group, including Brown Thomas & Arnotts in Ireland and De Bijenkorf in the Netherlands.
SET-listed Central Pattana Plc, the commercial real estate and shopping mall developer under Central Group, said separately that any opportunity it considers must be in line with its strategy. It also said it had not been in communication with its parent regarding Selfridges.
The statements followed a sell-off in shares of both companies, sparked by concerns that they risk being caught up in any worsening of Selfridges’ financial risk.