US private equity firm Leonard Green and Partners has reportedly sold its 25% stake in Topshop/Topman back to Arcadia.
Leonard Green bought the stake in Topshop and Topman, for a reported £350m in 2012. It has sold it back to Sir Philip Green’s business for an undisclosed amount.
The US firm said: “The transfer simplifies the shareholding structure of Topshop/Topman and enables the Arcadia board to focus on the restructuring options being considered. Leonard Green remains supportive of the business and has the opportunity to repurchase its stake in the future.”
Arcadia is readying a restructuring of the business and last month appointed property adviser GCW to work with consultancy firm Deloitte on plans that could include a company voluntary arrangement.