// Arcadia Group has hired agents to oversee the sale of its Topshop store in London
// Administrators appointed Eastdil and Savills to advise on the future of the London store
// Arcadia, which owns Topshop among others, collapsed into administration in November
Sir Philip Green’s Arcadia Group has reportedly appointed agents to oversee the sale of the empire’s former flagship Topshop store.
Administrators have appointed Eastdil and Savills to advise on the future of the London store, which is located on 214 Oxford Street.
Eastdil would oversee the sale strategy for the building, while Savills would advise on future leasing options, Sky News reported.
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- Arcadia brand Evans sold to Australia’s City Chic Collective for £23m
- Next in takeover talks with Arcadia Group
The majority of the proceeds from the sale will be paid to Apollo, while Arcadia’s pension scheme is also likely to be in line for a payment.
Arcadia collapsed into administration back in November 2020, which placed over 12,000 jobs at risk, with administrators at Deloitte now engaged in a search for buyers of its assets.
Deloitte has already struck a deal to sell the womenswear brand Evans to City Chic, an Australian fashion retailer.
Topshop is recognised as Arcadia’s flagship brand, and is expected to fetch more than £200 million from an auction that could conclude as soon as this month.
Last December, fashion retailer Next and Davidson Kempner Capital Management were revealed to be plotting a joint bid to gain control of Arcadia.
The process has also attracted interest from bidders including Mike Ashley’s Frasers Group, Authentic Brands, and Boohoo Group.
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4 Comments. Leave new
214 Oxford St was supposed to have been security for the pension fund how did Apollo get a preferential security Pension and staff should come first.
The pension regulator should vigorously seek funds from this sale and from the sale of any assets still owned by Arcadia, however its puzzling as this property was already spoken for as security for the pension fund as part of the deal to fund the pension over the coming years prior to the recent administration.
Surely its Arcadia’s administrators making this appointment, rather than Arcadia per se.
Its only right that given the likelihood of redundancies in the near future of Arcadia that the pensions of staff are given priority.