Latham and Linklaters lead as Philip Green sells stake in Topshop

Latham & Watkins and Linklaters have advised as Arcadia Group owner Philip Green agrees to sell a 25 per cent stake in Topshop and Topman to US private equity group Leonard Green and Partners.

Owen Clay
Owen Clay

Linklaters has won a new client in retail empire Arcadia after pitching for the work.

Green and the company, whose other chains include BHS, Burton, Dorothy Perkins and Miss Selfridge, turned to the London office of the magic circle firm, with the team was led by corporate partner Owen Clay, who was assisted by corporate managing associate Michelle Bennett.

Leonard Green was represented by the New York and London offices of Latham. The US firm’s team was led by New York partner and co-chair of the firm’s US private equity practice Howard Sobel and London corporate partner Graeme Sloan.

Green said the deal, which values the two brands at £2bn, leaves the British fashion chain without any debt. He added that the buyer, whose investment into US retail companies include Whole Foods Market and J.Crew, will “greatly assist” Topshop and Topman with their global expansion.

The company will retain the remaining 75 per cent stake in the retail brands.

Background to this deal:

Arcadia is a new client for Linklaters. Latham has advised Leonard Green for over ten years, with corporate partner John Giouroukakis understood to have advised the group from the firm’s New York office in the past.