Sir Philip Green

Green inks £310m Topshop deal

Topshop store
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We've now had confirmation of that Philip Green story broken by Sky News earlier.

The retail tycoon has agreed a deal with an American private equity company to keep the doors open at his flagship Topshop store.

He has remortgaged his building on Oxford Street, which houses a 100,000 sq ft Topshop and Topman, as well as a giant Nike store, and offices above the shops, his company Arcadia confirmed.

US private equity giant Apollo has signed a £310m deal which will give much-needed refinancing for the building, ahead of a deadline due at the end of the year.

"The Arcadia Group Ltd is pleased to confirm it has completed the refinancing of its £310m loan on 214 Oxford Street for 4 years term with Apollo Management International LLP," the company said in a statement.

Green remortgages flagship store for £310m: report

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Arcadia announces new chairman

Sir Philip Green's Arcadia and Taveta have appointed Andrew Coppel as chairman of their respective boards, Arcadia says.

Mr Coppel will replace Jamie Drummond Smith, who stepped down from billionaire Sir Philip's company in September after five months as interim chairman.

Topshop plunges to loss

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Sir Philip Green's Topshop has reported a £498m loss for the 53 weeks to 1 September compared with £15.6m the year.

That's according to the Telegraph which noticed the update in Companies House.

Last week, his retailing empire filed results for Taveta - of which Topshop is a subsidiary - showing a loss of £169.2m compared with a £49.4m profit a year earlier.