Home   News   National   Article

Next withdraws from bidding war for Sir Philip Green’s retail empire Arcadia


By PA News

Easier access to your trusted, local news. Subscribe to a digital package and support local news publishing.



Click here to sign up to our free newsletters!

Next has withdrawn from negotiations to purchase Sir Philip Green’s collapsed Arcadia empire.

Arcadia, which employed around 13,000 people and has 444 UK stores, collapsed at the start of December due to the impact of the pandemic, and retailer Next had been touted as the most likely buyer.

But the high street stalwart, which was bidding for the group in partnership with US hedge fund Davidson Kempner, said it was “unable to meet the price expectations of the vendor” on Thursday.

It is understood that final bids for the troubled Topshop owner set by administrator Deloitte were due on Monday, although there could be some flexibility.

Topshop Topman store on Princes Street, Edinburgh (Jane Barlow/PA)
Topshop Topman store on Princes Street, Edinburgh (Jane Barlow/PA) 

Retailers including Boohoo, Frasers Group, and JD Sports in partnership with US retail giant Authentic Brands, have also been considering acquiring some or all of Arcadia’s stores.

Deloitte is expected to receive bids worth more than £200 million, and Chinese online retailer Shein has tabled an offer for Topshop and Topman worth over £300 million, according to Sky News.

Last month, administrators agreed the sale of Arcadia’s plus-sized brand Evans to Australian firm City Chic Collective in a £23 million deal.

Do you want to respond to this article? If so, click here to submit your thoughts and they may be published in print.

Keep up-to-date with important news from your community, and access exclusive, subscriber only content online. Read a copy of your favourite newspaper on any device via the HNM App.

Learn more


This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More