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Sir Philip Green’s fortune halves in a year

Sir Philip Green’s fortune has dropped by £1.05bn to £950m in a year, as high street turbulence takes its toll on the Arcadia retail empire.

Green and his wife Tina dropped to number 156 on The Sunday Times’ annual rich list. In 2018 the couple were number 66 on the list.

With a fortune of £950m, 2019 is the first time since 2002 that Green has not been classed as a billionaire.

The Green’s stake in the Arcadia business, which includes Topshop, Topman, Miss Selfridge, Burton and Dorothy Perkins, was valued at £750m last year.

Arcadia has faced several struggles in recent years, and is reported to be planning a Company Voluntary Arrangement (CVA) to alleviate pressure on the business.

Earlier this month Green pledged to invest £100m in Arcadia Group, in an attempt to secure landlord and creditor support for its imminent restructuring.

Elsewhere on The Sunday Times Rich list: The Weston family, who own businesses including Primark and Selfridges, were 13th on the list with a fortune of £10.5bn. Shop Direct owners the Barclay brothers were 17th on this year’s list - with a fortune of £8bn.

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