// Fenwick has put its flagship Bond Street store on the market for £500 million
// It is understood that Fenwick wants to continue trading on the site but it has been marketed by the company as a redevelopment opportunity
Department store Fenwick has hoisted a for sale sign above its Bond Street flagship store, with a £500 million price tag.
Fenwick former chairman Mark Fenwick is touting the Bond Street store as a redevelopment opportunity, however, a source told The Sunday Times that Fenwick wanted to continue trading on the site.
The decision to sell one of its most iconic stores comes after plans to offload the entire business collapsed during pandemic.
Fenwick was on the brink of being sold to Thai conglomerate Central Group in 2020 but it pulled out as the pandemic took hold. Central Group snapped up Selfridges in a £4 billion deal in December last year.
Fenwick was hit hard by lockdowns and the rise of online shopping. It made a pre-tax loss of £112 million on sales of £140.5 million in the year to January 2021. Fenwick has no debt but its pension scheme had a £28.3 million deficit at the last reporting date.
READ MORE: Fenwick losses widen as footfall remains low
Fenwick has planning permission to build four floors of offices above the Bond Street store, where it has traded since 1891, however, it is understood that the £500 million price tag has deterred some buyers.
However, luxury conglomerate LVMH, which recently acquired and revamped Paris department store La Samaritaine, is understood to be among the interested parties.
Fenwick, which was founded in Newcastle in 1882, is jointly owned by about 40 family members and has nine stores across the UK, including Newcastle, York and Brent Cross in North London.
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