Retail honcho Sir Philip Green has sold a 25% stake in his Topshop and Topman chain to US private equity group Leonard Green and Partners.
The deal values the two brands at £2 billion and Sir Philip’s company will retain 75% of the clothing chain.
Sir Philip said that the deal would make Topshop and Topman “major global players” and leaves the business and the Arcadia Group without any debt.
Back in 2000, Sir Philip bought Arcadia Group’s BHS for £200 million and went on to buy the entire group for £850 million two years later.
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