The dismantling of Sir Philip Green’s high street empire is about to accelerate after the appointment of agents to oversee the sale of the tycoon’s former flagship Topshop store.
Sky News has learnt that administrators to Redcastle (214 Oxford Street) Limited, which owns the central London property next to Oxford Circus station, have appointed Eastdil and Savills to advise on the site’s future.
A source close to the situation said on Friday that Eastdil would oversee the sale strategy for the building, while Savills would advise on future leasing options.
The giant store, against which the American investor Apollo Global Management lent Sir Philip’s Arcadia Group more than £300m just over a year ago, became an emblem of the tycoon’s commercial swagger.
For years, it reflected his status as the king of Britain’s high streets – culminating in the sale of a 25% stake in Topshop and Topman for £500m – but in recent years, the store has symbolised Sir Philip’s increasingly fragile grip on the company.
The bulk of the proceeds from the sale of Redcastle will be paid to Apollo, while Arcadia’s pension scheme is also likely to be in line for a payment, depending upon the sale price.
In November, Arcadia collapsed into administration, threatening more than 12,000 jobs, with administrators at Deloitte now engaged in a search for buyers of its assets.