Topshop’s owner appoints new chairman amidst restructuring process

Arcadia names new chairman. Andrew Coppel, former head of the De Vere hotel and leisure group, will be named today chairman of Arcadia, owned by Sir Phillip Green, replacing Jamie Drummon-Smith, according to Sky News.

Currently, Coppel is currently on the board of housebuilder MJ Gleeson and has also held board positions at health club company Bannatyne Group and the Jockey Club, as well as running the Queens Moat Houses hotel chain.

The company is in the middle of a restructuring process. A few months ago, Arcadia reached an agreement with its creditors to restructure its business. The insolvency agreement (CVA) involves other cuts in addition to the reduction of staff, such as the closure of twenty-three stores in the United Kingdom and Ireland. 

Arcadia, owner of Topman and Topshop, amongst others, ended its last fiscal year with losses of 138 million pounds (153.7 million euros), compared to the profit of 199 million pounds (221 million euros) of the previous year. This is the first time in seven years that the group enters red numbers.