Billionaire Asda brothers’ surprise bid for Topshop
In the running… Mohsin, left, and Zuber Issa have just bought Asda
COLLAPSED fashion firm Topshop could end up in the hands of the billionaire brothers buying Asda.
Mohsin and Zuber Issa emerged as late contenders for the business which is part of tycoon Sir Philip Green’s failed Arcadia empire.
Another in the running to snap up Topshop and other Arcadia brands is online fashion giant Asos.
They are competing with rival online firm Bohoo, American group Authentic Brands and Chinese fastfashion giant Shein.
The entry of forecourt magnates the Issa brothers comes after they, along with private equity firm TDR Capital, had a £6.8billion offer for Asda accepted last October.
One future option could be to operate Topshop in Asda stores alongside the supermarket’s own George clothing brand.
A spokesperson for the brothers declined to comment.
It is understood the bid has come through TDR rather than the Issa brothers’ group, EG.
Insiders said the siblings from Blackburn
have a track record of building successful businesses.
While there is plenty of interest in Arcadia, hopes of saving all the 13,000 staff it had before going into administration are fading. Sources say Asos is interested in the Topshop, Topman and Miss Selfridge brands and other assets. However, the future of Arcadia’s 444 stores is in doubt. ASOS declined to comment too. Fashion firm Next pulled out of the running last week. Administrator Deloitte is rushing to finalise a sale ahead of this week’s deadline for a key report that will shine a light on Arcadia’s financial problems.