Selfridges loses second finance boss in four months

SELFRIDGES has lost its second finance boss in four months amid growing uncertainty over the future ownership of the luxury department store.

Preetha McCann is understood to have stepped down as Selfridges chief financial officer earlier this month to take up another position elsewhere, just months after she took up the post.

The Telegraph revealed in November that Ms McCann was joining Selfridges from professional services group EY, saying at the time that she had been “tempted away by an offer that was too good to refuse”. She replaced Matthew Smith in the luxury store’s chief financial officer post.

Selfridges declined to comment on Ms McCann’s exit.

The departure comes at a time of turmoil for Selfridges, which has found itself at the centre of an ownership battle following the collapse of its co-owner, René Benko’s Signa. Last weekend, disclosed that bidders were circling the company amid a desire by Selfridges’ other co-owner Central Group to secure a new partner for the business.

Saudi Arabia’s Public Investment Fund is among those interested in buying a stake, City sources said.

Selfridges has insisted the situation will have no effect on the running of the business. Ms McCann’s exit is unrelated to uncertainty at the company, sources said.

Selfridges is split into a property business, which controls the stores, and a trading company. Central last year seized control of the trading business to shore up Selfridges’ future. Bidding speculation has centred on the property business. This is still 50pc-owned by Signa, which also holds a stake of around 35pc in the operating company.

The question over ownership comes as Selfridges races to turn around its fortunes. The company has embarked on a cost-cutting drive, saying last August that it would slash roles in its head offices.