Department store chain Fenwick has sold its New Bond Street, London store for £430m.
The chain’s first store outside of Newcastle, which opened in 1891, will close in 2024 after a deal was struck with Lazari Investments.
‘The capital injection from this transaction will put Fenwick in a much stronger position to grow its online business and concentrate on cementing our position as the home of excellent hospitality and a premium retail edit. After considering a range of different options, it was decided that selling the New Bond Street property is the right course of action to set us on the strongest possible footing for the future,’ says John Edgar, Fenwick chief executive.
‘The sale has been a difficult decision for the Fenwick family, who are committed to providing the business with the means to thrive for the long term. Their support will enable the next stage of the journey for the Fenwick family business,’ says Simon Calver, Fenwick chairman.
