// Leonard Green & Partners sold its 25% stake back in Topshop/Topman back to Arcadia
// Sir Philip Green first sold the £350m stake to the US-based firm in 2012
US private equity firm Leonard Green and Partners has sold its 25 per cent stake in Topshop & Topman back to Arcadia.
Sir Philip Green’s Arcadia retail empire sold the £350 million stake to Leonard Green in 2012, which has now been sold back to Green for an undisclosed price.
“The transfer simplifies the shareholding structure of Topshop/Topman and enables the Arcadia board to focus on the restructuring options being considered,” Leonard Green said.
“Leonard Green remains supportive of the business and has the opportunity to repurchase its stake in the future.”
Arcadia is reportedly set to launch a restructure of its business, with speculation rife that Green appointed advisers to work with the business in arranging a CVA.
Moreover, in late March, Green drew up a planned store closure list.
The list of stores, seen by the Financial Times, includes 67 locations in the UK and Ireland, including Newcastle’s Metrocentre and Meadowhall in Sheffield.
Green was also reportedly mulling the possibility of offering landlords shares of up to 20 per cent in Arcadia if they agreed to a CVA.
The tycoon could also land in hot water if reports that he wants to cut pension contributions as part of the restructure end up being true.