Buyout an option for Allders

DEPARTMENT stores group Allders has been put up for sale by Minerva, the property company which is also on the auction block.

Minerva said today it has received expressions of interest from a number of potential purchasers, including the existing management team, headed by former Debenhams and Bhs boss Terry Green.

This is the second time in less than two years that the 45-store retail chain has been put up for sale. In February last year it was taken over in a £162m deal by Scarlett Retail, a consortium 60-owned by Minerva. Lehman Brothers owns 20% and the remaining 20% is held by Green and ex-Asda finance director Phil Cox.

Earlier this year Minerva bought Allders' flagship department store in Croydon for almost £50m. It said its total investment in Allders is £17.4m, including a short term loan of £10m.

Talks for the sale of Allders are at a preliminary stage and Minerva said its own auction process is proceeding. The shares were unchanged at 293p, valuing it at £471m.