Agent launches hunt to offload Green’s flagship Topshop store | Business News

The dismantling of Sir Philip Green’s High Street Empire is about to accelerate after an agent has been appointed to oversee the sales of Topshop, the former flagship store of the big names.

Sky News learned that the manager of Redcastle (214 Oxford Street) Limited, which owns real estate in central London next to Oxford Circus Station, has appointed Eastdil and Savills to advise on the future of the site. ..

Closer sources said Friday that Eastdill would oversee the building’s sales strategy and Savills would advise on future leasing options.

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Arcadia enters power

The huge store, which American investor Apollo Global Management lent more than £ 300 million to Sir Philip’s Arcadia Group over a year ago, has become a symbol of the big commercial turmoil.

For years, it reflected his position as King of High Street in the UK, selling a 25% stake in Topshop and Topman for £ 500m, but in recent years the store has been It symbolizes an increasingly vulnerable grip on Sir Philip’s company.

Most of the proceeds from the sale of Red Castle will be paid to Apollo, but Arcadia’s pension plan may also be worth the payment, depending on the sale price.

November, Arcadia Collapse to the administrationDeloitte managers are currently engaged in searching for buyers of assets, threatening the employment of more than 12,000 people.

Deloitte already has a sales contract Women’s clothing brand Evans To City Chic, an Australian fashion retailer.

Topshop is by far the most valuable business in the group and is expected to win over £ 200m from auctions that could be completed later this month.

The collapse of Arcadia will obscure one of the most spectacular implosions in recent corporate history
Sir Philip Green was once known as the King of High Street

It is not clear that the brand will continue to occupy the Oxford Circus site after the fate of the group has been determined.

Sky News was recently published by Next and Davidson Kempner Capital Management, a well-known American investment firm. Plan a joint bid Gain control of Arcadia.

The process is also of interest to bidders such as Mike Ashley’s Fraser’s Group, Authentic Brands, the owner of American department store Barneys, and Boohoo Group, an online fashion retailer.

The end of Sir Philip’s empire follows the failure of retailers such as Caskidson, Oasis, and Warehouse. Debenhams As the coronavirus crisis exacerbated the financial distress experienced on the UK’s high streets.

The future of Debenhams will affect bidders’ willingness to buy some of the Arcadia brands, but continues to lose balance during the final rescue negotiations with Ashley.

Sir Philip has refused to speak publicly since the collapse of Arcadia, and it is unlikely that he will return to Britain again after his term as a major player on High Street in Britain.

His decision to sell department store chain BHS to Dominique Chapel for £ 1 in 2015 was a former bankrupt. Recently imprisoned Due to tax evasion, it caused a series of events that cost much of Sir Philip’s reputation and property.

The BHS collapsed just a year after the deal and bitterly criticized Sir Philip’s liability to pensioners.

In early 2017, Sir Philip signed a contract with the Pension Watchdog, paid more than £ 360m on the BHS scheme, and set the tone for negotiations on Arcadia’s retirement fund two years later.

Last year, a big game Narrowly secured approval Due to the company’s voluntary arrangements in Arcadia, however, the company’s pension plan was forced to put in a package of assets worth more than £ 400 million.

KPMG declined to comment on Friday.

Agent launches hunt to offload Green’s flagship Topshop store | Business News

Source link Agent launches hunt to offload Green’s flagship Topshop store | Business News

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