// Sources say administrators overseeing the sale of Topshop will look for a deal up to £200m
// Frasers Group and Boohoo could be potential bidders for the fashion retailer
Administrators at Deloitte are looking for bids of up to £200 million for Topshop, according to The Guardian.
Deloitte is expecting to see initial bids for the fashion retailer filed by the end of next week, with several sources cited by The Guardian saying administrators would look for as much as £200 million for Topshop.
Arcadia Group’s brands were valued at £800 million in January by consultancy Brand Finance, with Topshop alone accounting for almost £400 million.
- Mike Ashley’s Frasers Group confirms interest in Arcadia brands
- Arcadia suppliers left unsure on payments following administration
- Arcadia Group: What went wrong?
However, since falling into administration, Brand Finance estimated that Arcadia Group’s brands could now be worth just half their value.
Boohoo Group is one of the major players expected to be linked to a prospective deal, while Mike Ashley’s Frasers Group confirmed it was considering purchasing Topshop, stablemates alongside Dorothy Perkins and Burton.
Speaking to BBC News on Thursday, Frasers Group’s chief financial officer Chis Wootton said that despite the firm’s interest in Sir Philip Green’s retail empire, “the process has only just started so there’s a long way to go”.
Joint administrators Daniel Butters and Gavin Maher were drafted in on November 30 to manage Arcadia Group, which owns Topshop, Burton, Dorothy Perkins and Evans among others.
Arcadia’s collapse into administration affected over 13,000 jobs, with suppliers reportedly left in the dark on whether they will receive any money owed to them.