Arcadia set to name new chair

Arcadia Topshop

Arcadia is expected to name former De Vere chief executive Andrew Coppel as its new chair tomorrow (21 November).

According to Sky News, Coppel is set to assume the chairmanships of Sir Philip Green’s Arcadia, its direct holding company Taveta Investments and Top Shop Top Man Limited, which directly owns its two flagship brands.

He replaces restructuring expert Jamie Drummond-Smith who chaired the company for five months on an interim basis from April to the end of August. His departure was revealed in September and the company said it had been expected following the approval by creditors and landlords of its CVA process.

Taveta had previously been chaired by Baroness Karren Brady who stepped down earlier this year following allegations of inappropriate conduct by Sir Philip Green towards staff; he has denied all such allegations.

Among other roles, Coppel also has a seat on the board of homebuilder MJ Gleeson and before De Vere he ran the hotel chain Queens Moat Houses and has also held board seats at the Jockey Club and at Duncan Bannatyne’s leisure group.

It understood that Arcadia believe his experience in the commercial property space will be helpful to the group, though the retail chain has not commented on his appointment.

As part of its CVA and another restructuring process, Arcadia is looking to close around 50 stores and reduce rents on many more.