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Sir Philip Green's US backer ditches Topshop stake

Sir Philip Green 
Sir Philip Green 

Sir Philip Green’s US  backer has sold its stake in Topshop back to the tycoon’s Arcadia empire as the retail business gears up for a radical restructuring.

Los Angeles-based private equity firm Leonard Green & Partners is nursing heavy losses after it struck a deal in 2012 to buy a quarter of the Topshop and Topman business for £350m. The deal was meant to propel the brand’s US expansion and pay off Arcadia’s bank debt.

However since the deal was brokered ­Arcadia has struggled with falling profits and sales, while Sir Philip has been engulfed in a reputational disaster following the collapse of BHS and allegations of inappropriate behaviour.

Arcadia’s overseas sales dropped by just under a...

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