Philip Green faces questions from MPs over reported sale of Arcadia

Sir Philip Green

Sir Philip Green

A sale of Arcadia would be a watershed moment for the retail industry.

Sir Philip has been been in discussions to separate Topshop from the rest of the group since 2016, but it may come with complications following the BHS pensions scandal.

Arcadia has over 2,800 stores and 26,000 employees worldwide but the brands are suffering from falling revenues from online rivals such as Boohoo and Asos.

Although Green does not make Arcadia Group's financial figures public, according to a leaded set of financial results from Christmas 2016, sales dropped 6.5 per cent.

Green has believed to be looking for a buyer for several years but has found it hard following the BHS scandal, where every move has been scrutinised over the past two years.

The group also has more than 2,500 outlets in United Kingdom department stores.

Shandong Ruyi (SHE: 002193) is hoping to expand in Europe and has acquired many European groups including a controlling stake in the Swiss luxury leather goods company Bally. The Chinese group also negotiated a 54 percent stake in manufacturer Bagir.

Last year, it bought British heritage brand Acquascutum for £95 million.

It is not clear if Green will include flagship brands Topshop and Topman in the sale of Arcadia. Chairman of the Work and Pensions Committee, Frank Field said that the scrutiny of the TopShop pension scheme is being done on the background of the business selling attempts being made by Topshop head Sir Philip.

"There is a repayment plan in operation".

The sale for £1 and later collapse of BHS damaged his reputation and he was branded a "billionaire spiv" by the Pensions Regulator when the company collapses a year later with a £571m hole in its pension funds.

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