Selfridges finance director quit job she described as 'too good to pass up' after just four months

Selfridges faces uncertainty following the collapse of its co-owner Signa. Photo: OGULCAN AKSOY/iStock Editorial

Selfridges has lost its second finance after four months amid growing uncertainty over the luxury department store's future ownership.

Preeta McCann was rumored to have stepped down as Selfridges' chief financial officer earlier this month. to take up another position elsewhere just a few months later. she took up the post.

The Telegraph reported in November that Ms McCann had joined Selfridges from EY's professional services group, saying at the time that she had been «lured by an offer that was too good to refuse» .

She replaced Matthew Smith. as chief financial officer of the luxury store.

Selfridges declined to comment on Ms McCann's departure.

The departure comes at a time of turmoil for Selfridges, which has been in the spotlight over an ownership battle since the collapse of Signa , co-owner Rene Benko.

The Telegraph reported over the weekend that suitors were circling the company as Selfridges' other co-owner, Central Group, sought a new partner for the business.

The Saudi Arabian Public Investment Fund is among those interested in the project. buying the stake, City sources said.

Selfridges tried to downplay any impact of the situation by insisting it would not have any impact on the running of the business. Ms McCann's departure is not related to ongoing uncertainty at the company, sources said.

Selfridges is divided into a property company, which controls the stores, and a trading company. Last year, Central seized control of the retail business to bolster Selfridges' future. Speculation at the auction focused on the real estate sector. The company remains 50% owned by Signa, which also owns around 35% of the management company.

The ownership issue comes as Selfridges seeks to turn around its fortunes. The company began cutting costs, saying last August it would cut the number of roles at its head offices.

Andrew Keith, the company's managing director, said at the time that it needed to «fit for the future, be aligned and work as efficiently as possible.»

He added: «Unfortunately, this will likely mean that some of our head office teams, including the smaller retail teams that support our stores, will be able to resize and form.»

The company's latest accounts show that Selfridges' retail business made a loss of almost £40 million for the year ending January 2023.