What: Department store group owned by the Weston family is said to have received an approach from a potential buyer

Why it is important: The non-solicited offer became a circulating rumour very quickly.

Established by Harry Gordon Selfridge in 1908, the retailer was acquired by the Weston family for GBP 598 million in 2003 and now comprises 4 Selfridges stores in the UK, Brown Thomas and Arnotts in Ireland, De Bijenkorf in the Netherlands and Holt Renfrew in Canada.

During the lockdown in July 2020, the store laid off 14% of its employees (450 positions)

Credit Suisse has been reported to be appointed adviser after an unsolicited approach. If confirmed, the approach would come at a time of considerable internal change; the family patriarch, W Galen Weston, died earlier this year while Paul Kelly, who had run the Selfridges group since the Westons acquired it, moved to another role in the holding company in 2019. The chairwoman is Alannah Weston, daughter of Galen Weston, and was appointed 2 years ago.

Selfridges up for sale with £4bn price tag