Iconic Topshop 'set for shock return to UK high streets'

Iconic clothing brand Topshop could be set to make a shock return to the British high street after closing all its UK stores three years ago.

Asos has sold its 75 per cent majority stake in Topshop for £135m to Heartland, an arm of the Danish retail group Bestseller. The business is controlled by Danish billionaire Anders Povlsen who already owns brands including Jack & Jones and Vero Moda through Bestseller - which is also Asos's largest investor.

Topshop, which had 70 stores including shops in Manchester's Arndale centre and across Greater Manchester, fell into administration in 2020 as part of the collapse of Sir Philip Green's Arcadia empire.

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It was then relaunched selling online only the following year when it was bought by Asos for £265m. José Antonio Ramos Calamonte, chief executive of Asos, said the deal would make Topshop "more accessible".

Bestseller has around 2,800 retail stores in over 30 countries. In response to a question from the Sun on whether the brand could make a return to high streets across the country, the Asos chief exec said: "It is very early to say that there will be physical stores, but there is no question that they [Bestseller] have a big present presence on the high street. We think that they have a lot of potential."

The rumour mill has since begun with one suggesting that the retailer has already started scoping potential sites for Topshop's return. One location could potentially be London's Carnaby Street. However, Calamonte shut down these rumours saying: "We will always explore what is best for ASOS, but we are not looking at any specific store right now."

Susanna