Philip Green bids to save Australian Topshop from administrators

Philip Green will launch a bid to rescue the Australian Topshop business, after its local franchise partner fell into insolvency.

Sir Philip Green: chairman of Arcadia Group
Sir Philip Green: chairman of Arcadia Group

There are 24 branches of the brand in Australia, mostly concessions in branches of department store Myer.

But Austradia, which runs the brand in Australia, has called in administrators to "restructure" the business, the Financial Times reports.

A source briefed on the restructuring process said that Green, who sold the Australian rights to the brand in 2011, was working on a deal that would see his company, Arcadia, take ownership of it.