Retail Acquisitions Ltd has acquired apparel retailer BHS Group Ltd, which has 171 stores across the UK, significant assets, long-standing and loyal suppliers and great international franchise partners.
Philip Green, chairman of Arcadia Group, which owns BHS, 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,” he added.
“The business has been handed over in a sound financial position with significant cash balances and am confident that Retail Acquisitions have a platform to grow the business,” he observed.
Chairman of Retail Acquisitions, Keith 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 focused support, we will return BHS to profitability, and safeguard the workforce,” he too added.
He continued, “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.”
