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Topshop in talks to sell 25% stake

Billionaire retailer Sir Philip Green is on the verge of selling a significant chunk of his fashion brand Topshop to US investors.

The tycoon is in talks to offload a stake of up to 25% in Topman and Topshop through a deal which values the two chains at close to £1bn, according to sources.

The buyer is understood to be one of the joint owners of American clothing business J Crew.

Sir Philip, whose family ranked 17th on the 2012 Sunday Times UK rich list with an estimated £3.3bn fortune, took over the Arcadia Group in 2002.

As well as the Topshop and Topman brands, Arcadia also includes a number of other big high street names including BHS, Dorothy Perkins and Miss Selfridge.

The sale is yet to be finalised.