Liberty London department store could be sold for £300m

Bankers have been hired to find potential buyers

Tuesday 12 February 2019 16:49 GMT

Liberty London is being sold with a price tag of £300m, new reports suggest.

According to Sky News, the famous department store looks set to change hands for the first time in nearly a decade.

The organisation reports that BlueGem Capital Partners, Liberty’s largest shareholders, have asked investment bank UBS to explore a potential sale and look for prospective bidders for the business.

Private equity firm BlueGem is also reported to have given the landmark destination and its sister companies a price tag of more than £300m.

Most expensive artworks sold at auction

Show all 16

1/16Most expensive artworks sold at auction

Most expensive artworks sold at auction

'Women of Algiers' by Pablo Picasso - $179m

'Les femmes d'Alger (Version 'O')' by Picasso broke the record for the most expensive artwork ever sold at auction when it sold for $179m at Christie's in New York in May 2015.

© 2015 Estate of Pablo Picasso

Most expensive artworks sold at auction

'Three Studies of Lucian Freud' by Francis Bacon - $142m

Francis Bacon's 'Three Studies of Lucian Freud' was the most expensive artwork ever sold at auction before Picasso beat it, fetching a record-breaking price of $142 million in November 2013.

Most expensive artworks sold at auction

'The Scream' by Edvard Munch - $119.9m

Edvard Munch’s 'The Scream' fetched the former record price of $119.9 million in May 2012, when it was sold as part of a modern, contemporary and impressionist art sale by Sotheby’s, New York.

Most expensive artworks sold at auction

'Walking Man I' by Alberto Giacometti - $104.3m

Swiss sculptor and painter Alberto Giacometti’s 'Walking Man I' sold for $104.3 million at Sotheby’s in February 2010, almost four times its asking price.

Most expensive artworks sold at auction

'Nude, Green Leaves' by Pablo Picasso - $106.5m

Pablo Picasso’s 'Nude, Green Leaves, and Bust' fetched $106.5 at Christie’s in May 2010. The painting of Picasso’s lover Marie-Therese Walter was created in a single day in 1932.

Most expensive artworks sold at auction

'Boy With A Pipe' by Pablo Picasso - $104.1m

'Boy With A Pipe' by Pablo Picasso fetched $104.1 million in New York in 2004 to become the first $100 million painting. The painting depicts a Rose Period portrait of a young child called 'Little Louis' who would hang around his studio in Paris.

Most expensive artworks sold at auction

'Portrait of Adele Bloch-Bauer II' by Gustav Klimt - $87.9

'Portrait of Adele Bloch-Bauer II' by Gustav Klimt (painter of 'The Kiss') sold for $87.9 million at Christie’s auction house in November 2006. Adele was the only model whom Klimt painted twice.

Most expensive artworks sold at auction

'Triptych' by Francis Bacon - $85.9

Russian billionaire and one-time richest man in the world Roman Abramovich took home Bacon’s 1976 'Triptych' for $85.9 million at the peak of the market in May 2008.

Most expensive artworks sold at auction

'Black Fire I' by Barnett Newman - $84.2m

'Black Fire I' by Barnett Newman was sold for $84.2 in May 2014

Getty Images

Most expensive artworks sold at auction

'Portrait of Dr Paul Gachet' by Vincent Van Gogh - $82.5m

'Portrait of Dr Paul Gachet' by Dutch artist Vincent Van Gogh sold for $82.5 million in 1990. There are two versions of the portrait, both painted in June 1890 at Auvers.

Most expensive artworks sold at auction

'Triple Elvis' [Ferus Type] by Andy Warhol - $81.9m

'Triple Elvis' [Ferus Type] by Andy Warhol was sold for $81.9 in November 2014

Getty Images

Most expensive artworks sold at auction

'Three Studies for a Portrait of John Edwards' by Francis Bacon - $80.8m

'Three Studies for a Portrait of John Edwards' by Francis Bacon was sold for $80.8 in May 2014

Getty Images

Most expensive artworks sold at auction

'Orange, Red, Yellow' by Mark Rothko - $72.8

Mark Rothko’s 1961 painting 'Orange, Red, Yellow' went for $86.9 million at Christie’s in May last year, smashing a previous Rothko record of $72.8 million.

Most expensive artworks sold at auction

'Untitled' (1952) by Mark Rothko - $66.2m

'Untitled' (1952) by Mark Rothko sold for $66.2m in May 2014

Getty Images

Most expensive artworks sold at auction

'Spring (Le Printemps)' by Edouard Manet - $65.1m

'Spring (Le Printemps)' by Edouard Manet sold for $65.1m in November 2014

Getty Images

Most expensive artworks sold at auction

'Balloon Dog' by Jeff Koons - $58.4m

Jeff Koons' 'Balloon Dog' sold for a record $58.4m, becoming the most expensive sculpture ever

Christie's

However, one source has revealed that it could sell for as much as £350m.

The last time the department store went on sale was in 2010 when it was bought by BlueGem for just over £40m.

Before that, it was owned by MWB Holdings, the hotel group that owns the Malmaison chain.

Founded in 1875 by Arthur Lasenby Liberty, the heritage British brand has since become renowned for its specialist fabric prints, instantly recognisable purple carrier bags, floral displays and Tudor-revival building.

Over the years, the emporium has also found its fashion feet, selling a host of designer labels including Acne Studios, Stella McCartney and Victoria Beckham.

The Independent has contacted Liberty for comment.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies