Green denies Debenhams is up for sale

Published on Thursday 31 May 2007 01:06

RETAIL magnate Sir Philip Green denied reports yesterday that he was considering the sale of his Bhs chain to focus on his Arcadia multiple chains group, spearheaded by Topshop.

Green said of Bhs: "We are not in discussions to sell it."

Among potential buyers associated with Bhs in reports were the Icelandic Baugur group, which owns Jenners in Edinburgh, but sources said that speculation was wide of the mark.

Green said he had received overall requests from his various brand managers for 250m over the next three years, and that was now being considered.

"We have committed certain [new] space already, across all our brands, and it will be a mixture of refurbishments and new stores."

It comes as Green is looking to take Topshop to the US following the successful launch of the Kate Moss clothing range, which saw Topshop concessions open in North America's Barney's department stores.

The speculation about Bhs followed declining profits at the chain in the face of increased competition from Primark, Marks & Spencer and the supermarkets.

Seymour Pierce analyst Richard Ratner said: "Sir Philip says there is a need to keep investing in the businesses no matter how well they are doing.

"Bhs has made moves to improve its merchandise and womenswear in particular is doing much better."