Selfridges acquires Irish department store Arnotts

The Selfridges Group has acquired historic Dublin department store Arnotts for an undisclosed sum, it was announced on Monday.

Selfridges, which already owns Irish lifestyle store Brown Thomas, plans to invest in Arnotts by ‘enhancing the shopping experience’, updating the store environment and introducing new premium brands. “We have an excellent track record leading retailing in Ireland. Arnotts will benefit from our global retail experience and continual investment,” said Selfridges managing director Paul Kelly, who has been appointed chairman of ARHL Retail Holdings, the parent company of Arnotts.

Selfridges purchased Arnotts from Fitzwilliam Finance Partners, which was set up in 2011 by Irish property developer Noel Smyth. While Selfridges adds Arnotts to its portfolio of upmarket department stores - the group also owns Selfridges in the UK, Holt Renfrew in Canada and the Bijenkorf in the Netherlands - Smyth will continue to develop neighbouring properties.

The acquisition of Arnotts is part of a larger agreement by the group’s holding company Wittington Canada to help Fitzwilliam buy loans related to Arnotts and adjacent properties for 107 million euros. Selfridges said it ‘looks forward to engaging with Noel in relation to his future plans for the adjacent properties, which Fitzwilliam Finance Partners will continue to own.’

Arnotts was founded in 1843 and is one of Ireland’s largest and oldest department store. It is located on Henry Street in Dublin.