Philip Green sells 25% stake in Topshop chain

Top Shop store
Image caption Topshop is part of Sir Philip Green's Arcadia Group, which owns many well-known High Street brands

Clothing retail boss Sir Philip Green has sold a 25% stake in his Topshop and Topman chain, in a deal that values the two brands at £2bn.

The buyer is US private equity group Leonard Green and Partners.

Sir Philip said the deal will help Topshop and Topman continue to expand around the world.

He added that it also leaves the business, and the rest of his Arcadia Group, without any debt. "This is a very exciting time," said Sir Philip.

'Global players'

Leonard Green and Partners' stake in Topshop and Topman will be ring-fenced from the wider Arcadia Group, and Sir Philip's company will retain the other 75% stake in the clothing chain.

Arcadia's other chains include BHS, Burton, Dorothy Perkins and Miss Selfridge.

Sir Philip added that Topshop and Topman could now become "major global players".

The two brands have in recent years expanded into the US, Brazil and Australia.

Sir Philip took over Arcadia Group, which employs 45,000 people, in 2002, paying £850m for the group after buying BHS for £200m two years earlier.

This year's Sunday Times Rich List estimated his family's fortune at £3.3bn.

Leonard Green and Partners already has investments in a host of retail businesses, including fashion chain J Crew and food seller Whole Foods Market.

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