The management buy-out of Arcadia clothing brands Warehouse, Principles, Racing Green and Hawkshead looks set to go ahead in the coming months.
A spokesperson for Arcadia told PEO that a management buy-out team headed by Peter Davis, managing director of catalogue businesses Hawkshead and Racing Green, and Hilary Riva, managing director of womenswear shops Warehouse and Principles, will bid for the brands. “We are confident that it (the deal) will go ahead within two to three months,” she said.
Recent reports suggest that private equity group PPM Ventures is backing the management team but neither the private equity house nor Arcadia would comment on the speculation.
Last week Arcadia, Britain’s second biggest clothing chain, announced its decision to sell off five of its 14 fashion brands and said it would concentrate on its top-performing brands, including Top Shop and Dorothy Perkins, to reduce debt and increase profits.