Saturday 16 December 2017

Owners of Brown Thomas out of running to buy Arnotts' debt

The successful bidder is believed to be fund giant Apollo
The successful bidder is believed to be fund giant Apollo
Billionaire Galen Weston, pictured with his wife Hilary, had bid for Arnotts' debt

The owners of Brown Thomas and Selfridges have been knocked out of the running in the battle to buy Arnotts’ Anglo debt, Independent.ie has learned.

The Brown Thomas and Selfridges owning retail family headed by Galen Weston bid on Arnotts €230m worth of Anglo loans with Fitzwilliam Finance, a firm owned by Dublin solicitor and property developer Noel Smyth. 

The successful bidder is believed to be fund giant Apollo, but this has not been confirmed by either former Anglo bank IBRC’s liquidator or the US investment giant.

Its believed that the price paid was in the region of €45m. 

Noel Smyth and the Westons recently bought Arnotts Ulster Bank loans and were heavy favourites to also snap up the Anglo debt and take control of the department store name, with ambitious plans for its development and expansion.   

Also in the running were a consortium led by Arnotts management and British investor Meyer Bermann. 

Its believed that the two Arnotts debt acquisitions value the business around €80m in total.

Roisin Burke

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