Jun 14, 2019
Lloyds sells out of Green’s Arcadia group
One of Philip Green's longstanding backers has sold its remaining shares in the group that owns his troubled Arcadia retail business for just £1, company filings reveal. Taveta Investments, the holding company controlled by Sir Philip's wife Tina, bought back 8m shares, or 7.76 per cent of its equity, according to documents lodged at Companies House. It did generate substantial dividend income during more prosperous times - most notably in 2005, the year Arcadia paid out £1.3bn to the Greens and other shareholders. In April, US private equity group Leonard Green & Partners sold its 25 per cent stake in Topshop/Topman back to the company for $1, although it does have an option to repurchase it. According to the company's last annual return in 2016, these included Paul Coackley, who worked under Sir Philip at Sears and BHS; Arcadia chief executive Ian Grabiner and his cousin, former Taveta chairman Anthony Grabiner; and former BHS executives Ian Allkins and John Readman.
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