Billionaire Issa Brothers have reportedly missed out on their chance to buy retailer Topshop, following the collapse of Arcadia.
The Euro Garages Group owners, whose company was founded with a single petrol station in Bury in 2001, had hoped to acquire Topshop as part of their growing business footprint which now includes Asda and Mellor's iconic Stanley House venue. They had earlier also reportedly been intent on the acquisition of Café Nero. But Arcadia has now confirmed the sale of its Topshop, Topman, Miss Selfridge and HIIT brands to online fashion retailer ASOS for £265 million instead.
ASOS chief executive Nick Beighton in a statement to The Lancashire Telegraph said, “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and will help accelerate our multi-brand platform strategy.
“We have been central to driving their recent growth online and, under our ownership, 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.”
