Blackburn based billionaire Issa brothers have thrown their hat in the rink as the latest contenders to buy Arcadia’s Topshop and Topman brands, it emerged on Monday 25th January. Online retailer ASOS is currently thought to be the frontrunner in the takeover race.
According to the Lancashire Telegraph Zuber and Mohsin’s interests in acquiring a part of Philip Green’s empire is said to have stemmed from their “proven track record” in turning businesses around. Speaking to the Lancashire Telegraph on Monday afternoon, a City source confirmed that the Euro Garages Group famed brothers, who have recently bought ASDA in a £6.8billion deal, are still very much interested in the fashion retailer.
They said, “The Issa Brothers and TDR Capital have submitted a bid for Topshop and Topman because of their considerable experience of the retail industry and proven track record of successfully turning around businesses.”
Arcadia, which employed around 13,000 people and has 444 UK stores, collapsed at the start of December due to the adverse impact of the coronavirus pandemic.
