By Chris King • 30 January 2021 • 19:17
ASOS Poised To Close TopShop And Miss Selfridge Takeover.
image: wikimedia commons
ASOS Poised To Close TopShop And Miss Selfridge Takeover on Monday
It is anticipated that the online fashion retailer ASOS is on the brink of closing a deal worth nearly £300m to buy TopShop and Miss Selfridge from Sir Philip Green’s Arcadia Group’s administrators.
Sky News has reported today (Saturday) that ASOS hopes to sign a deal as soon as Monday morning, ahead of a stock exchange announcement, and if the deal transpires then it will be seen as one of the most significant and symbolic corporate purchases in Britain in many years.
ASOS, originally started out in 2000 called ‘As Seen On Screen’, and had confirmed a report in The Sun earlier this week that a possible takeover was being discussed, with a source telling the paper that the takeover of Sir Philip Green’s retail empire showcase business would cost around £250m, but that purchasing the stock on top would amount to possibly £40m more.
The ongoing pandemic seems to have brought about a change in the way the retail sector will operate in the future, as Boohoo Group are also lining up the purchase of Debenham’s online brand and website, and on Friday, Boohoo also confirmed it was in talks with Deloitte, Arcadia’s administrator, to purchase Wallis, Dorothy Perkins, and Burton brands, for around £25m, as revealed by The Sun.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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