What: Central Group has acquired majority control of Selfridges, following the restructuring of its joint venture partner Signa Holdings.

Why it is important: Central Group exercised its right to convert a loan into equity, subject to regulatory approvals. This move solidifies Central Group's position as the owner-operator of the largest European luxury department store group, including Selfridges in the UK, Brown Thomas and Arnotts in Ireland, and De Bijenkorf in the Netherlands.

The company is also continuing the support of the properties it owns with Signa: the Selfridges group of stores in the UK, Ireland and the Netherlands, as well as KaDeWe in Germany, and Globus in Switzerland.

The deal for Selfridges was made in partnership with Signa two years ago, with each company taking a 50% stake in the retailer. Central Group's focus now remains on obtaining regulatory approval and completing the takeover.

Central Group takes control of Selfridges following Signa restructuring