Friday 9 December 2016

New owner of Arnotts has pumped €100m into business since takeover

Peter Flanagan and John Mulligan

Published 29/10/2015 | 02:30

Arnotts staff Cintia Tanno (right) and Sara Hollingsworth prepare for the sales last Christmas Photo: Damien Eagers
Arnotts staff Cintia Tanno (right) and Sara Hollingsworth prepare for the sales last Christmas Photo: Damien Eagers

The new owner of Arnotts has pumped more than €100m into the business since competition authorities signed off on a takeover deal in August.

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Wittington Properties, controlled by Brown Thomas owners the Weston family, took control of the Arnotts store in Dublin in a deal with developer Noel Smyth.

That agreement divided the former Arnotts Group between the Westons, who keep and continue to trade the landmark city centre department store, and Noel Smyth's Fitzwilliam company, which gets control of the group's remaining assets, including the nearby Boyers store.

Documents filed with the Companies Office show their UK-based Selfridges Group invested €103m into Arnotts within days of the deal being approved by the Competition Authority. It is a clear sign that the Westons have big plans for Arnotts.

Documents filed by new holding company ARHL Holdings Limited show it was advanced €68m in cash by the parent of UK-based Selfridges - Shel Holdings Europe Limited.

Shel Holdings Europe Limited also provided a finance facility to ARHL worth €45m.

The three directors of ARHL are Selfridges MD Paul Kelly, Brown Thomas head Stephen Sealey and Selfridges general counsel Adam Batty.

It means that the Westons have committed at least €103m to Arnotts.

Irish Independent

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