Boohoo set to pick up remaining brands from Sir Philip Green's collapsed Arcadia
Boohoo is reportedly on the verge of securing a deal to acquire the remaining brands from Sir Philip Green's collapsed Arcadia empire.
With larger rival ASOS in exclusive talks over the prize assets Topshop, Topman and Miss Selfridge, the Manchester-based online group is set to land Dorothy Perkins, Wallis and Burton, according to Sky News.
While no deal has been finalised, it is understood that Boohoo has told administrators Deloitte that is prepared to pay £25m for the brands, which are likely to be run as online-only entities should the transaction go ahead.
ASOS is said to have bid more than £250m for the three flagship brands but will be taking none of the stores, with the possible exception of the Topshop flagship on London's Oxford Street, the lease for which is being marketed separately from the brand.
Boohoo has had a busy week after revealing on Monday that it had paid £55m for the Debenhams brand and website but none of the collapsed department store's physical retail stores.
It plans to build a multi-brand platform around the Debenhams.com name, which would take it into the new areas of beauty and homewares for the first time.
Dorothy Perkins, Burton and Wallis would add to a brand line-up that already includes Boohoo, BoohooMAN, PrettyLittleThing, Nasty Gal, Miss Pap, Oasis, Karen Millen, Warehouse and Coast. The latter four brands were all acquired and converted to online-only having previously been high street chains.
Should the Boohoo and ASOS deals go ahead, it is likely to mean that most of the 13,000 employees of Arcadia will lose their jobs and the stores will disappear from the high street.
Before Christmas Deloitte sold plus size brand Evans to Australia's City Chic Collective for £23m in a deal which did not include any of its stores.
The Arcadia brands are some of the best known, and longest standing, fashion names on the high street with some dating back to the early 20th Century. Read our complete history of the brands here.