Arcadia administrators want ‘bids of up to £200m’ for TopShop

Arcadia administrators are ‘seeking bids of up to £200 million’ for Sir Phillip Green’s TopShop, according to The Guardian.

The newspaper said that initial bids are expected by the end of next week.

Last week it was confirmed that Deloitte had been appointed administrator for Arcadia Group, which owns TopShop, as well as TopMan, Dorothy Perkins and Burton.

The forced closure of its stores as a result of COVID-19 restrictions has had a significant impact on the group.

Following reports that Arcadia Group was teetering on the brink Sports Direct owner Mike Ashley confirmed he had made an offer of £50 million of bail out loans to support the business, and it is expected that Ashley will be interested in acquiring assets of some of Arcadia's most iconic brands, including TopShop.

Boohoo has also been flagged as a potential buyer for TopShop.

Deloitte declined to comment.

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