Apr 10, 2019

US private equity firm sells Topshop stake back to Arcadia

A US investor said it has sold back its minority stake in the clothing chain Top Shop to Philip Green's Arcadia as the UK billionaire seeks to revamp his retail empire. Leonard Green & Partners of Los Angeles said on Wednesday its directors have recently resigned from the Top Shop board and that it has sold its 25 per cent stake in the company. The private equity firm, which has held its stake since 2012, added that the transfer simplifies the shareholding structure of the UK retail group and "Enables the Arcadia board to focus on the restructuring options currently being considered". The US firm, the first outside investor of Sir Philip's family-controlled retail group, said it will have the chance to repurchase its tranche in Top Shop and Top Man at a later date. As part of its planned restructuring, the group is seeking to halve its contributions to a group pension plan, the Financial Times reported last week.

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