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| Philip Green sells 25% stake in Topshop chain | Philip Green sells 25% stake in Topshop chain |
| (35 minutes later) | |
| 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. | 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. | 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. | 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. | 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. | 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 Selfridges. | Arcadia's other chains include BHS, Burton, Dorothy Perkins and Miss Selfridges. |
| Sir Philip added that Topshop and Topman could now become "major global players". | 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. | 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. |