LONDON — Harrods Group is looking to dispose of its loss-making banking unit, according to Sky News. The report said the retailer accumulated pre-tax losses of more than 13 million pounds, or $16 million, during its last two financial years.
The British retailer located on Brompton Road in Knightsbridge is believed to be shopping around for potential advisers, according to Sky.
Companies House filings stated that the bank is “currently loss-making. It noted that the overall pre-tax loss was “driven by the emphasis in 2015 on both enhancement of operational capabilities as well as building and maintaining a stable liquidity base to support future lending activities.”
Located on the second floor of the Knightsbridge store, the banking group was established in 1893 and offers products including savings accounts, mortgages and international money transfers.
A Harrods spokesperson could not be reached for comment at press time.