Philip Green's Arcadia fashion group has secured the refinancing of a 310 million pounds ($398 million) loan on his flagship TopShop store on London's Oxford Street, it said on Friday.
"The Arcadia Group Ltd is pleased to confirm it has completed the refinancing of its 310 million pound loan on 214 Oxford Street for four years term with Apollo Management International LLP," it said.
In June, Green's empire staved off a collapse into administration when creditors narrowly approved his restructuring plan.
(Reporting by James Davey; editing by Sarah Young)
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British billionaire Philip Green is known for his commercial success, his unconventionality and for his mordacity. Seventh richest man in Britain, he shares with his wife Christina a fortune of £3.6 billion, according to the Sunday Times.
He leaved the school at 15 years old, and he began to work as shoes importer travelling in United States, Europe and Far East. When he came back in UK, he borrowed £20 000 and he created his first business importing jeans and selling these to retailers in London.
In 1979, Philip Green bought a large stock of clothing at extremely low prices, and he decided to open his own shop.
In 1988 he became Chairman of Amber Day, a retailing company listed on the Stock exchange.
In early 90s, he bought the chain stores Owen Owen and in 1995 Olympus Sports, which he sold three years later to JJB Sports for £ 550 million.
In 1999, he became popular thanks to hostile takeover’s attempt on Marks and Spencer. Acquisition was blocked by board of directors of the most famous British chain stores, for this reason Green changes the victim, British Home Stores (BHS), which he bought in 2000.
Two years later, it was Arcadia Group’s turn, which owned famous brands Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topshop / Topman and Wallis. Recently also Etam’s chain was acquired by the English businessman.
On 20th October 2005, Green distributed to Arcadia Group’s shareholders dividends of nearly £1.3 billion, and he and his wife (own for 92%) received £1.17 billion, this is the largest dividend ever received by an individual investor in the history of the British company.
