// JD Sports, Nike, Amazon, Ikea & Mike Ashley’s Frasers Group reportedly express initial interest in taking over Topshop flagship
// The flagship was not part of the Arcadia assets that was overseen by administrators from Deloitte
// Instead, it is controlled by a subsidiary, Redcastle Ltd, to which KPMG is the administrator
The iconic Oxford Street location that formerly housed the Topshop flagship is reportedly being circled by a number of retailers.
According to Drapers, the likes of JD Sports, Nike, Amazon, Ikea and Mike Ashley’s Frasers Group have expressed initial interest in taking over the site.
The Topshop flagship at 214 Oxford Street in central London was not part of the Arcadia Group assets that was overseen by administrators from Deloitte earlier this year.
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The site is controlled by a subsidiary, Redcastle Ltd, to which KPMG is the administrator – who in turn appointed real estate agencies Eastdil and Savills to advise on the property.
Eastdil is acting as a sales agent for the 100,000sq ft property, while Savills is a leasing advisor.
The store, which will not reopen when lockdown for non-essential retail ends next week, was reportedly placed on the market just last week.
Drapers reported that the agents were now talking with a number of suitors to either buy the whole property, lease it, or split the property for leasing.
The suitors reportedly represent a variety of businesses and sectors, and are both UK-based and international.
H&M Group and Boohoo Group told Drapers that they have not expressed interest in the property.
Asos, which bought the Topshop brand out of administration earlier this year, also said it would not purchase it even though it initial reports suggested it could keep the store.
Topshop had a change of hands after its parent company, Arcadia Group, fell into administration in December, putting 12,000 jobs at risk.
In January, Asos snapped up Arcadia Group fascias Topshop, Topman, Miss Selfridge and athleisure brand HIIT in a £295 million deal, while Boohoo Group bought the remaining fascias – Dorothy Perkins, Wallis and Burton – for £25.2 million.
The deals with the two online giants meant Arcadia Group’s stable of brands would become online-only, forcing the retail empire to permanently shut down hundreds of stores.
Arcadia Group was owned by retail mogul Sir Philip Green.