Green fires gun on revamp

SIR Philip Green has installed two restructuring experts on the board of his Arcadia retail empire as he presses ahead with plans to shut a raft of stores.

Jamie Drummond Smith, a former partner at Deloitte and restructuring officer at high interest lender Cattles, has stepped in as interim chairman.

He replaces former chairman Karren Brady, who resigned following a string of allegations of harassment and bullying made by staff against Green.

Brady was one of Green’s closest business associates and had been with the company since 2010.

Arcadia, which owns brands including Topshop, Dorothy Perkins and Burton and has 570 stores, also recruited Peter Bloxham, who worked as a restructuring and insolvency partner at magic circle law firm Freshfields until 2006.

Drummond Smith said: ‘Arcadia and Topshop/Topman have faced unprecedented market conditions on the UK High Street.

‘We will be supporting the boards as they progress the restructuring options for the businesses.’

The appointments come just days after Leonard Green abandoned its 25pc stake in Topshop, which it snapped up seven years ago for £350m.

Green, 67, is embarking on a major costcutting drive as his High Street shops struggle to compete with online retailers such as Asos and Boohoo.

The tycoon is preparing to close stores and is seeking to halve annual payments to Arcadia’s pension pot to £25m.