Topshop boss under fire over worker pensions

Sir Philip Green’s plans to sell his stake in Arcadia group – which owns high street brands including TopShop, Dorothy Perkins and Miss Selfridge – has been criticised by regulators for failing to address worker pensions.

Last year, documents published by MPs found that Arcadia’s pension deficit stood at £56million on an ongoing basis – or almost £1billion on a buyout basis.

The company has 2,800 stores around the world and 26,000 employees.

Sir Philip has been in talks to sell his stake in Arcadia – which is estimated to be worth in the region of £2billion – to Chinese investor Shandong Ruyi, according to a report in The Sunday Times.