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Philip Green brings in new blood as he prepares to swing axe | Philip Green brings in new blood as he prepares to swing axe |
(about 7 hours later) | |
Sir Philip Green has appointed two restructuring specialists to the boards of his Arcadia retail empire as he prepares a major overhaul. | Sir Philip Green has appointed two restructuring specialists to the boards of his Arcadia retail empire as he prepares a major overhaul. |
Jamie Drummond Smith, chairman of finance group Cattles, becomes chairman of Topshop, Topman, Arcadia Group, and the ultimate parent company Taveta. | Jamie Drummond Smith, chairman of finance group Cattles, becomes chairman of Topshop, Topman, Arcadia Group, and the ultimate parent company Taveta. |
He was previously Cattles' chief restructuring officer. | |
Peter Bloxham, ex-head of restructuring and insolvency at law firm Freshfields, is also appointed to the board. | Peter Bloxham, ex-head of restructuring and insolvency at law firm Freshfields, is also appointed to the board. |
Mr Bloxham has been advising the company on its future plans. | Mr Bloxham has been advising the company on its future plans. |
Their expertise is particularly relevant as Sir Philip is preparing to announce a big restructuring which is expected to involve a form of insolvency proceedings called a company voluntary arrangement (CVA), allowing the company to exit or reduce rental agreements with retail landlords. | Their expertise is particularly relevant as Sir Philip is preparing to announce a big restructuring which is expected to involve a form of insolvency proceedings called a company voluntary arrangement (CVA), allowing the company to exit or reduce rental agreements with retail landlords. |
Many other retailers - including the BHS stores group, once owned by Arcadia - used a similar mechanism when it was fighting, unsuccessfully, for survival. | Many other retailers - including the BHS stores group, once owned by Arcadia - used a similar mechanism when it was fighting, unsuccessfully, for survival. |
The appointments fill gaps left on the various boards after the resignation of Lady Karren Brady and Sharon Brown, who left after a series of allegations of inappropriate conduct towards female and black employees by Sir Philip. | The appointments fill gaps left on the various boards after the resignation of Lady Karren Brady and Sharon Brown, who left after a series of allegations of inappropriate conduct towards female and black employees by Sir Philip. |
Sir Philip lost two more directors last week when his biggest outside investor, US based Leonard Green Partners sold its 25% stake in Topshop. | Sir Philip lost two more directors last week when his biggest outside investor, US based Leonard Green Partners sold its 25% stake in Topshop. |
Sir Philip is also in negotiations with the pensions regulator to try and reduce the £50m in annual cash the company is contributing towards its £500m pound deficit. | Sir Philip is also in negotiations with the pensions regulator to try and reduce the £50m in annual cash the company is contributing towards its £500m pound deficit. |
Arcadia's restructuring is expected to be announced in early May. | Arcadia's restructuring is expected to be announced in early May. |
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