Jan 24, 2021

Asos bids for Topshop amid sell-off of Arcadia assets

Online fashion retailer Asos is bidding to acquire the Topshop brand as the administrators of Philip Green's Arcadia retail empire sell off its assets. Asos has bid towards the top end of the £250m-£300m range for the Arcadia brands it is keen to acquire, according to a person close to the company. Talks are continuing and there is no certainty that a deal will go ahead. The person cautioned that Asos would be "Disciplined" in its pursuit of Topshop. As a digital business, Asos is not interested in Topshop's physical shops, according to people briefed on the proposal, preferring to drive sales online to its customers, predominantly in their 20s. Asos is among Topshop's biggest wholesale partners. Based on prevailing valuations in the region, Savills, the estate agents, estimates the 440,000 sq ft facility could be worth at least £50m. The market for such assets is buoyant and the facility could be sold and leased back, though Sir Philip's wife Tina has security over it after lending Arcadia £50m in 2019.

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