ONLINE fashion retailer Asos has bought the Topshop, Topman and Miss Selfridge brands from Sir Philip Green’s failed Arcadia Group for £295 million.
The deal which will see Asos take on 300 head office staff in buying and design, does not include saving Topshop’s 70 remaining stores and 2,500 employees could still be at risk of losing their jobs.
It is unknown what this means for staff who work in the brand’s Topshop store in Gibraltar.
Last year employees on the Rock remained optimistic that their jobs would not be at risk at would only be concerned ‘if the whole company closes’.
Administrators confirmed that the deal, which cost Asos a hefty £265m for the brands and a further £30m for the stock, was expected to complete on 4 February.
Nick Beighton, chief executive of Asos, said: “We are extremely proud to be the new owners of Topshop, Topman and Miss Selfridge … we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”
Sir Philip Green’s Arcadia group fell into administration in November last year.
The retail tycoon, who has an estimated fortune of £930m according to the Sunday Times Rich List, is under pressure to use his own money to plug an estimated £350m hole in Arcadia’s pension fund.
There are 10,000 members of the scheme who face a possible hit to their retirement benefits.
Another of Sir Philip Green’s brands, Evans, was bought by Australia’s City Chic in December for £23m.
Other brands in the Arcadia stable that have not yet been sold are Dorothy Perkins, Wallis and Burton.
“They send us clothes to sell but we’re part of a different company so it shouldn’t affect us.”