Topshop profit plunges 79pc

PROFITS at the fashion empire led by billionaire tycoon Sir Philip Green collapsed last year after being hit by poor trading and the sale of BHS.

Taveta Investments – which owns Topshop, Burton, Miss Selfridge and Wallis through parent company Arcadia – reported a 79pc fall in pre-tax profits to £37m in the year to August 2016.

Sales fell 2.5pc to £2.1bn and underlying operating profits were £211m, down 16pc.

It came after the BHS department store chain collapsed just 13 months after 65-year-old Green sold it for £1 to thrice-bankrupt businessman Dominic Chappell.

Taveta upped the total pay for directors from £5.3m to £6.4m during the year.