Sir Philip Green has sold department store chain BHS to the investment vehicle Retail Acquisitions for an undisclosed sum.
BHS has 180 stores, close to 12,000 staff and was formerly part of Green's Arcadia Group which also includes Top Shop, Outfit and Dorothy Perkins.
"I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand," said Green.
"Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward."
Retail Acquisitions, a firm backed by investors spanning brokers and lawyers, was established in 2014 to push through the BHS deal.
Control of BHS will pass over today.