Philip Green brings new blood while he prepares to swing an ax

Sir Philip Green has appointed two restructuring specialists to the boards of his Arcadia retail empire while he is preparing a major overhaul.

Jamie Drummond Smith, President of Cattles Financial Group, becomes President of Topshop, Topman, Arcadia Group and ultimate parent company, Taveta.

He was previously the main restructuring office of Cattles.

Peter Bloxham, former Head of Restructuring and Insolvency at Freshfields Law Firm, is also appointed to the Board.

Mr. Bloxham advised the company on his future plans.

Their expertise is particularly relevant as Sir Philip prepares to announce a major restructuring that should involve an insolvency proceeding called a Voluntary Company Agreement (CVA), allowing the company to terminate or reduce leases with homeowners. retailers.

Many other retailers, including the BHS group of stores, which once belonged to Arcadia, used a similar mechanism to fight without success.

The appointments fill the gaps of the various councils following the resignation of Lady Karren Brady and Sharon Brown, who left after a series of allegations of Sir Philip's inappropriate conduct against female and black employees.

Sir Philip lost two other directors last week when his main outside investor, the US company Leonard Green Partners, sold his 25% stake in Topshop.

Sir Philip is also negotiating with the pension regulator to try to reduce the £ 50m annual cash flow the company pays to its £ 500m deficit.

The restructuring of Arcadia should be announced early May.