Green sells loss making BHS for ‘nominal sum’

BHS has suffered from a long-running image problem with its stores, including this one in Basildon
BHS has suffered from a long-running image problem with its stores, including this one in Basildon
CLARA MOLDEN/TIMES NEWSPAPERS LTD

Sir Philip Green has sold off BHS to a group of investors, ending a long-running attempt to dispose of the loss-making business.

The high street department store has been bought by Retail Acquisitions Limited, a company set up to purchase BHS in November last year. Neither party has confirmed the fee paid but it is reported to have been nominal, perhaps as low as £1.

Sir Philip bought BHS, then known as British Home Stores, 15 years ago for £200 million. It now has 171 stores and employs around 11,000 people. The chain has been struggling recently, with sales falling by 3.5 per cent to £675.7 million in 2013. It made a pre-tax loss of £69.6 million after writing down the value of a number