Qatar in talks for multi-billion pound purchase of Selfridges

Qatar is in talks with the owners of London retailer Selfridges to buy the department store, reports said on Tuesday.

The Qatar Investment Authority – the country’s sovereign wealth fund – could purchase the glamorous retailer for £4 billion if they win the deal.

It would be the second major London department store bought by the gas rich state after acquiring Harrods in 2010.

Reports have said that other countries and companies, including the Saudi sovereign wealth fund, were eyeing the purchase.

Also known as Selfridges & Co., it is operated by Canadian group Selfridges Retail Limited, part of the Selfridges Group of department stores.

It runs 25 stores worldwide, with its UK flagship store on central London’s Oxford Street.

It was founded in 1908 by American business tycoon Harry Gordon Selfridge in 1908, who stepped down as chairman in 1941.

Canadian billionaire Galen Weston bought Selfridges for in 2003. His daughter, Alannah Weston, took control of the business after he died earlier this year.