Saudi Arabia’s Public Investment Fund (PIF) has become the junior partner in Selfridges with the fund working with the co-owner Central Group to buy out troubled partner Signa. The sovereign wealth fund is buying the stake held by collapsed Austrian conglomerate Signa with the deal meaning that Central will own 60% of the operating and property businesses and Saudi Arabia 40%. Central executive chairman and CEO Tos Chirathivat said PIF was its ‘partner of choice’. The giant retail group also said the deal comes with both parties pumping new investment into the business to ‘strengthen Selfridges Group’s financial position and support the group’s future development’.