Friday 22 September 2017

Weston dynasty tipped for Arnotts' debt bid

Billionaire Galen Weston, pictured with his wife Hilary
Billionaire Galen Weston, pictured with his wife Hilary

Roisin Burke

The Brown Thomas and Selfridges-owning retail dynasty headed by Canadian billionaire Galen Weston is tipped to be a final-stage bidder on Arnotts' Anglo debt, where final offers were due in on Friday.

The backing by Weston of the purchase of Arnotts' €140m Ulster Bank debt is seen as a springboard to a bid for the other half of the department store/property business's loans of €230m, controlled by IBRC's liquidator, and total ownership of the business.

The Arnotts debt is part of the sale of the Project Evergreen portfolio, where wealthy business people and funds picked over debt attached to some of Ireland's best-known firms, including TV3, Fields Jewellers and Topaz.

Weston, a former Irish resident who is married to Irish-born one-time model Hilary controls Selfridges Group, which includes luxury department chains Brown Thomas and Selfridges in Britain.

Arnotts' management, teamed with a British financial backer is also in the running.

Full Story, Page 3

Sunday Independent

Also in Business