North East department store chain Fenwick is to close its main London shop after selling the building to property developers in a multimillion-pound deal.
The company, first launched on Tyneside in 1882, says it has decided to sell the Bond Street building to strengthen its future foundations. It will use proceeds of the deal to bankroll significant investments in Fenwick stores, including its Newcastle flagship store.
Fenwick has not confirmed the sale price but it is understood the five-storey shop in central London and an adjoining property on New Bond Street sold off a guide price of £430m. The department store, which has traded for 131 years, will remain open until the start of 2024. Despite its location, it is the fourth smallest in the portfolio and takes only half as much in sales as the prominent Northumberland Street store in Newcastle.
