Selfridges tycoon’s property empire auctions off doormats in scramble for cash


Riya Makwana
Fri, 5 January 2024 

Rene Benko was ousted from Signa late last year - GEORG HOCHMUTH/APA/AFP via Getty Images

The troubled property empire founded by the Selfridges tycoon Rene Benko is auctioning off doormats and coat hangers in a bid to raise funds.

Assets owned by Signa are up for sale as it battles a cash crunch that forced the company into insolvency in November last year, with administrators also seeking €350m (£301m) from investors.

The request for cash was made in December, the Financial Times reported, as Signa’s administrator Erhard Grossnigg urged investors to provide money “quickly” to help tide the business over until April.

It comes as 465 Signa products were recently put up for sale online, including branded snow globes, office plants and dustbins. Some items costing as little as €3 have received bids of up to €500.

Signa snow globes are among auction items fetching hundreds of euros

Aurena, the Austrian company running the auction, said in an online listing: “Anyone who would like to secure a small share of the prestigious Signa properties can bid on elaborately designed project brochures, images or 3D building models from Park Hyatt Vienna.”

“Less glamorous items such as a Signa doormat, Signa clothes hangers or office supplies are also being auctioned.”

The collapse of Signa has left many firms facing steep losses, including a host of European banks that lent Mr Benko’s empire almost £7bn.

Bidding for Signa branded doormats is currently at €650

Among those most exposed is the Austrian bank Raiffeisen, which is thought to have lent Signa more than €750m, and the Swiss lender Julius Baer, which is reportedly on the hook for €640m. Italy’s Unicredit, Credit Suisse, and Germany’s Commerzbank are also believed to be facing heavy losses.

It emerged earlier this week Mr Benko also risks losing his luxury alpine villa after tax officials placed a claim against the property.

Mr Benko was ousted from Signa late last year.

The embattled property company had amassed some of the world’s most iconic properties, including the Chrysler Building in New York and Berlin’s KaDeWe luxury department store - some of which could be up for grabs in a looming fire sale.

Signa boomed in the era of cheap debt, although high interest rates and plummeting valuations pushed the company to the brink.

The business bought Selfridges in a £4bn deal in 2021 with Thailand’s Central Group.

However, the Thai retailer has since seized control of the British retailer after it became a majority shareholder in November last year.

Signa was contacted for comment.