Benko sells off doormats in cash scramble

THE troubled property empire founded by Selfridges tycoon Rene Benko is auctioning off doormats and coat hangers in an attempt to raise funds.

Assets owned by Signa are up for sale as it battles a cash crunch that forced it into insolvency in November last year, with administrators also seeking €350m (£301m) from investors.

The request for cash was made in December, the

Financial Times reported, as Signa’s administrator Erhard Grossnigg urged investors to provide money “quickly” to help tide the business over until April.

It comes as 465 Signa products were recently put up for sale online, including branded snow globes, office plants and dustbins.

Some items costing as little as €3 have received bids of up to €500 (£430).

Aurena, the Austrian company running the auction, said in an online listing: “Anyone who would like to secure a small share of the prestigious Signa properties can bid on elaborately designed project brochures, images or 3D building models from Park Hyatt Vienna. Less glamorous items such as a Signa doormat, clothes hangers or office supplies are also being auctioned.”

The collapse of Signa has left many firms facing steep losses, including a host of European banks that lent Mr Benko’s empire almost £7bn.

Among those most exposed is the Austrian bank Raiffeisen, which is thought to have lent Signa more than €750m, and the Swiss lender Julius Baer, which is reportedly on the hook for €640m.

It emerged earlier this week Mr Benko also risks losing his luxury Alpine villa after tax officials placed a claim against the property.

Mr Benko was ousted from Signa late last year.

Signa boomed in the era of cheap debt, although high interest rates and plummeting valuations pushed the company to the brink.

It bought Selfridges in a £4bn deal in 2021 with Thailand’s Central Group. How- ever, the Thai retailer has since seized control of the British retailer. Signa was contacted for comment.