Selfridges on the market with £4bn price tag

Iconic London-based department store Selfridges is officially on the market, it was reported on Monday morning, with the Weston family seeking at least £4bn for the chain of four locations.

According to the Times, advisors at Credit Suisse were preparing documents for prospective buyers, with a formal auction process to begin this week.

It cited sources as saying that three possible buyers had already expressed their interest, after it emerged in June that an unknown bidder had approached the Westons, who had not previously been expected to sell the business.

The mega-wealthy family bought Selfridges in 2003 for £598m, while the identities of the interested bidders remains unknown.

Press speculation in recent days has suggested that a sovereign fund could be one, such as the Qatar Investment Authority which already owns Harrods, while Hong Kong luxury retailer Lane Crawford has been mooted as another possibility.