Business Irish

Saturday 24 March 2018

Regulators approve sale of Arnotts to Fitzwilliam Finance Partners

Arnotts Department Store
Arnotts Department Store
Peter Flanagan

Peter Flanagan

Regulators have approved the sale of Arnotts to Fitzwilliam Finance Partners.

In a statement, Fitzwilliam said the “Competition and Consumer Protection Commission (CCPC) has approved the outright purchase of the Arnotts Group”.

Fitzwilliam managing director Noel Smyth commented: "We will complete the formalities of acquiring the Apollo interest in the coming weeks."

He added that FItzwilliam Finance Partners “will continue to pursue plans to appoint an operator for the main business and added that a number of expressions of interest have been received from retailing interests”.

"It is our core objective to maintain the iconic brand of Arnotts which is synonymous with retailing in Dublin city centre and to build on this landmark brand," Mr Smyth said.

Mr Smyth's Fitzwilliam Finance Partners owned half of Arnotts, with the other half owned by private equity firm Apollo Global Management.

Both sides had been vying to buy the other out but in May it emerged that Fitzwilliam had been successful.

Read more here: Arnotts is sold for €100m as Dundrum deal nears 

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