Bye-bye BHS? Sir Philip Green poised for Arcadia break up with sell off deal
Sir Philip Green is poised to agree a deal that would break up his Arcadia retail empire.
The tycoon is about to wrap up a deal to sell off troubled high street department store chain BHS according to several reports.
It was revealed at the beginning of the year that Green, who bought up BHS in 2000 for £200m, was potentially looking to offload the business which has 180 stores across the UK amid worsening losses.
Green said he had received several approaches and would “explore whether any of these can be brought to a conclusion”.
BHS made cash losses of £21m in 2014, up on the £19.3m losses a year earlier dragging down the Arcadia group which also includes Topshop, Dorothy Perkins and Wallis. The store has liabilities of around £100m in relation to its pension scheme but is debt free.
Potential bidders in the frame eyeing up all or parts of BHS include private equity firms and retailers, including Matalan, according to the reports.
A deal could be announced as soon as this week.