Selfridges hands owners £101m windfall

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The Independent Online

Selfridges more than doubled its dividend to £101m last year after a leap in profits. The payout provides another huge windfall for the Westons, the billionaire family behind Associated British Foods, who bought the department store group for £598m in 2003.

Selfridges, which has three shops in London, Manchester and Birmingham, grew its profits by 19 per cent to £127m for the year to 29 January, on sales up 11 per cent to £950m. The dividend payment compares with a total of £50m in the previous year.

The Weston family has an estimated fortune of £6bn and Galen Weston is the chairman of Selfridges, while his daughter, Allanah, is its creative director.

Selfridges caused a stir last month when it opened a Primark menswear concession in its shop in Birmingham's Bullring.