The American private equity firm that went into partnership with Sir Philip Green to help expand Topshop in the US has sold its stake in the fashion retailer back to Arcadia before a restructuring of his retail empire.
Leonard Green & Partners bought its 25% stake in Topshop and Topman in 2012 for a rumoured £350m.
By selling the stake back to Green’s company the Los Angeles-based firm is expected to have taken a significant hit, since it is understood to have written down the value of the stake to zero two years ago.
