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Sir Philip Green appoints restructuring experts

Sir Philip Green has appointed two restructuring specialists to the boards of his retail empire.

Jamie Drummond-Smith, chairman of finance group Cattles, has been appointed interim chairman of Topshop, Topman, Arcadia Group, and its parent company, Taveta Investments.

Peter Bloxham, former head of restructuring and insolvency at law firm Freshfields, has been appointed to the same boards as interim non-executive director. 

Both have been working closely with the boards in an advisory capacity for several weeks.

In a statement Arcadia said: ”Their relevant expertise will be invaluable as the group works through the current restructuring options. They will also play an important role engaging with the group’s key stakeholders at this critical time for the business.”

The news comes after US private equity firm Leonard Green & Partners sold its 25% stake in Topshop/Topman back to Arcadia.

Arcadia is readying a restructuring of the business and last month appointed property adviser GCW to work with consultancy firm Deloitte on plans that could include a company voluntary arrangement.

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