London, 2015-3-17 — /EPR Retail News/ — Sir Philip Green announces that BHS Group Ltd has been acquired by Retail Acquisitions Ltd with control passing today.
Sir Philip says: “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.
The business is handed over in a sound financial position with significant cash balances and banking facilities in place. 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.”
Sir Philip adds: ”BHS has a strong portfolio of 171 store sites throughout the UK, significant assets, long-standing and loyal suppliers and great international franchise partners. I am deeply proud of the work ethic displayed by the very many people I have worked with for so long at BHS, both within our Head Office and across the stores. I would also like to thank the very many loyal and dedicated customers who shop with BHS, visit our cafes and use our website on a regular basis, and hope that they will continue to do so.”
The Chairman of Retail Acquisitions Ltd, Keith Smith comments: “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. ”
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For further information from Arcadia and Sir Philip Green – please contact:
Tania Foster-Brown – Group PR & Communications Director on 0207 927 1720 tania.foster-brown@arcadiagroup.co.uk
For further information from Retail Acquisitions Ltd – please contact:
Gavin Davis – Bell Pottinger on 07910 104660 gdavis@bellpottinger.com
Clinton Manning – Bell Pottinger on 07711 972662 cmanning@bellpottinger.com
Notes to Editors:
BHS GROUP LTD
There are 171 BHS stores in the UK of which 14 are dedicated Home Stores.
BHS.co.uk has 5 million unique users per month and hosts 15,000 product lines with approximately 200,000 orders a month being delivered throughout the UK.
The average selling space for a store is 28,000 square foot with the flagship store on Oxford Street trading 47,000 square foot.
BHS Food currently trades in 3 stores, with the opportunity to do this in a further 140.
There are 88 BHS International Franchise stores operating in key territories such as Malaysia, Russia and the UAE.
BHS employs 11,000 staff
RETAIL ACQUISITIONS LTD
Retail Acquisitions Ltd is a company established in England in order to make acquisitions in the UK retail space.