Philip Green, the billionaire owner of fashion retailer Arcadia Group Ltd
Simon Dawson | Bloomberg via Getty Images
British retail billionaire PhilipGreen on Thursday sold a 25 percent stake in Topshop and Topmanto U.S. private equity firm Leonard Green and Partners in a dealthat values the popular high street chain at 2 billion pounds($3 billion).
Monaco-based Green said the deal would help the group expandthe fashion chain globally and leaves both Topshop and Topmanand the rest of his Arcadia Group with no bank debt and cashpositive.
The stake would be ringfenced from Green's larger ArcadiaGroup, which includes high street names such as BHS, Burton andMiss Selfridge.