Sir Philip Green keeps busy with package of agreements

Sir Philip Green, who has spent his summer partying in Mykonos, on Friday sealed a rescue deal for Topshop in Australia and agreed to release money to unsecured creditors of BHS.

The retail magnate’s Arcadia has bought four shops Down Under run as a franchise that entered administration in May.

The now wholly-owned stores will be directly operated by Topshop and Topman.

Separately, a spokesman for liquidators at FRP Advisory to SHB Realisations (formerly BHS), said an agreement has been reached with Arcadia "in relation to a number of matters, including Arcadia's floating charge dated 14 April 2015”.

He added: “ We can confirm that as part of the agreement, over £30 million was released from reserves held in relation to Arcadia's secured claim into the monies available for BHS Limited's unsecured creditors and the floating charge is to be released."

BHS collapsed in April last year, 13 months after Green sold it for £1 to Retail Acquisitions, led by Dominic Chappell.