Harrods department store 'sold'
Saturday 08 May 2010
World-famous department store Harrods has been sold, it was reported today.
It has been sold by Mohamed al Fayed for £1.5bn to a buyer understood to be the Qatari royal family, broadcasters reported.
Sky News's city editor Mark Kleinman said Ken Costa, the chairman of Lazard International, the investment bank advising the family trust on the deal, had just confirmed the sale to him, though he declined to comment on the identity of the purchaser.
There was no immediate word from Harrods to confirm the reported sale.
Mr Kleinman said that the Qatari royal family had made an approach for the Knightsbridge store several weeks ago but Mr al Fayed rejected the offer.
However the owner of Fulham FC had reconsidered the approach.
Mr Kleinman said that a statement was set to be made today confirming the deal.
"I understand that in the last 24 hours Harrods has been sold and a statement about this deal will be made today," he added.
Ken Costa sent a statement to Sky News which said: "After 25 years as chairman of Harrods, Mohamed al Fayed has decided to retire and to spend more time with his children and grandchildren.
"He has built Harrods into a unique luxury brand with worldwide recognition. In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid.
"Qatar Holding (QH) will become only the fifth owner of Harrods since its creation, in 1840. Qatar Holding was specifically chosen by the Trust as they had both the vision and financial capacity to support the long-term successful growth of Harrods.
"Of paramount importance to Mohamed al Fayed was to ensure that the Harrods staff would find in QH an owner who would be supportive of their efforts to maintain the traditions of Harrods."
- 1 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...