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Topshop/Topman £505m in the red

Sir Philip Green’s Topshop and Topman chains slumped to a pre-tax loss of £505m last year, as the chains were hit by one-off costs and falling sales.

Sales across Topshop and Topman fell by 9% to £846.7m. Almost half of the loss was a result of a £245m non-cash write-down of the value of the group’s intangible assets.

It also suffered from the write-off of £161m of debts, as well as the cost of winding down Ivy Park, Topshop’s joint athleisure line with US singer Beyoncé.

The Arcadia Group, which owns Topshop and Topman, reported an operating loss of £138m for the 53 weeks to 1 September 2018, and admitted it could require further financing to reverse its fortunes.

Arcadia Group interim chairman Jamie Drummond-Smith stepped down at the start of September, two days after chief operating officer David Shepherd left after more than 25 years at the company.

The retail group has also denied reports that it plans to split into separate brands ahead of a potential sale.

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