Despite his denying reports that he was planning to sell Arcadia, a leaked email has shown Philip Green call on HSBC to help him find a buyer.
The billionaire business tycoon previously said the story, which first ran in The Sunday Times, was “totally false” and he was not selling his empire to China’s Shandong Ruyi.
The leaked email suggests that HSBC’s UK chief executive and group’s managing director met Green to discuss succession planning for the Arcadia empire.
HSBC’s managing director, David Barraclough, wrote an email to colleagues following his meeting with Green, which stated: “As emotions were running high, PG’s [Philip Green’s] thinking was the need to sell, and having heard my comments . . . [he] sought our assistance and offered to meet any Chinese prospective partner we consider appropriate.
“After further discussion, PG agreed to source a sale solution. The strategy should be to sell Topshop/Topman separate to the rest of the Arcadia portfolio of lesser brands. Whilst the Topshop/Topman sale should be straightforward, he accepts residual Arcadia will be a tougher ask and may need to be sold by way of individual brands over a protracted period,” it continued.
“Whilst the Topshop/Topman sale should be straightforward, he accepts residual Arcadia will be a tougher ask and may need to be sold by way of individual brands over a protracted period.”
A spokesperson for Green and Chinese group Shandong Ruyi have both declined to comment on the leaked email.
The email comes at an already troubling time for Green, who is currently dealing with the aftermath of BHS’s collapse.
After denying fault in the collapse, billionaire tycoon then eventually agreed to pay £363 million into the BHS pension scheme.
“We can confirm that as part of the agreement, over £30m was released from reserves held in relation to Arcadia’s secured claim into the monies available for BHS unsecured creditors and the floating charge is to be released,” said a spokesperson in August.