Next pulls out of race to acquire Topshop
Next has withdrawn from the bidding process to acquire Arcadia’s Topshop brand, despite previously being pinned as the frontrunner to snap up the fashion retailer.
A statement from Next said it has “withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the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”.
Next, which was bidding as part of a joint venture with private equity firm Davidson Kempner, was previously touted as one of the strongest candidates to acquire the Topshop business from administration.
Already have an account? Sign in here
