Ikea expected to buy Topshop’s former flagship London store

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Sarah Butler

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Swedish furniture brand will pay £385m for leasehold after collapse of Sir Philip Green’s Arcadia Group

Ikea is poised to buy Topshop’s former flagship store on London’s Oxford Street, once the jewel in Sir Philip Green’s retail empire, for an estimated £385m, creating a new London home for the Swedish furniture brand.

The deal to buy the long leasehold on the building, which includes the now-vacant 100,000 sq ft Topshop outlet as well as a Nike Town store and a shop for footwear brand Vans, is expected to complete the sell off of the assets of Green’s Arcadia Group empire which collapsed into administration in November last year.

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