Sir Philip Green
By Dominic O'Connell
Today Programme Business Correspondent
By Howard Mustoe
By Vivienne Nunis
Business reporter, BBC News
By Emma Simpson
Business correspondent, BBC News
By Nell Mackenzie
- Copyright: Getty Images
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.
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.