NEXT have decided not to bid for the remains of Sir Philip Green’s Arcadia empire – including Topshop and Topman – after deciding the administrators’ valuation of up to £300m was too high.
Arcadia fell into administration in November, putting 13,000 jobs at risk.
Its demise capped a fall from grace for Sir Philip, 68, who was knighted in 2006 for his services to retail but who has suffered a series of setbacks in recent years, including the collapse of BHS, the department stores chain.
Last month its administrators at Deloitte sold Evans, Arcadia’s plus-size fashion brand, to City Chic, of Australia, for £23 million.
Next is considered one of the strongest names in retail, with about 500 shops in the UK. It had teamed up with Davidson Kempner, an American investment firm, to bid for Arcadia.
However, in a statement the chain said that it had “withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the vendor”.