Sir Philip Green has sold BHS to Retail Acquisitions for an undisclosed sum.
Sir Philip said: “I am pleased that we have found a buyer in Retail Acquisitions who wants to develop the BHS brand. Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward.
“The business is handed over in a sound financial position with significant cash balances and banking facilities in place. I am confident that Retail Acquisitions have a platform to grow the business and return it to profitability.”
Retail Acquisitions’ chairman Keith Smith added: “This is a fantastic opportunity to breathe new life into this iconic British high street brand. We are convinced that with strategic and focussed support we will return BHS to profitability and safeguard the workforce.
“By backing the existing management and investing in their plan, we are confident that we can build upon many of the initiatives already in place. In addition, Retail Acquisitions will appoint a BHS chairman with significant retail experience and further retail turnaround experts in due course.”