Anthony Hilton: Green's new partnership could go with a bang

I was too optimistic recently in saying next year would be a bigger challenge for retailers than this one, because this week Stead & Simpson announced the closure of 90 of its 227 stores, and then came news HMV was also in dire straits.

It suggests banks and trade creditors are unwilling to prop up what might be thought of as yesterday's businesses.

But the most unexpected development was the news that Sir Philip Green, above with Kate Moss, has decided to sell a quarter of Topshop to a US private-equity house for £350m. An even bigger shock was that he used almost all the proceeds to pay off bank debt.

Sir Philip presented this as a triumph, and proof he had not lost his deal-making skill. But Topshop is believed to be his best business and he is not known for selling his crown jewels. So the other way of looking at it is that he has reluctantly concluded that he cannot afford to expand in America without someone to share the financial burden. The bank was unwilling to be that partner so it was paid off. The price for getting the finance he needs is a significant loss of control.

Sir Philip likes to be in charge. So, presumably, does his new shareholder given it is a private-equity firm. This may not be an issue as long as things go well, but if things go less well it is potentially explosive.

Politics puts the block on pension money saver

The financier and businessman Ed Truell worked out a few months ago that merging all the local-authority pensions schemes in this country would save up to £35bn over five years through lower costs, greater efficiency and more productive investment.

He got PWC, the accounting firm, to give a second opinion. Even being cautious they said there was at least £17bn to be had.

He pitched the idea to Chancellor George Osborne, but he thought that politically it would be too difficult.

A separate effort to merge the schemes in the capital is being led by the London Pension Fund Authority (LPFA), but is meeting stiff resistance from some of those who would be taken over.

Now, however, I hear Mr Truell is being lined up by London Mayor Boris Johnson to become next chairman of the LPFA.

It is a great choice, but one likely to set the sparks flying.

News
Denny Miller in 1959 remake of Tarzan, the Ape Man
people
Arts and Entertainment
Cheryl despairs during the arena auditions
tvX Factor review: Drama as Cheryl and Simon spar over girl band

News
Piers Morgan tells Scots they might not have to suffer living on the same island as him if they vote ‘No’ to Scottish Independence
news
News
i100Exclusive interview with the British analyst who helped expose Bashar al-Assad's use of Sarin gas
PROMOTED VIDEO
Sport
Angel Di Maria celebrates his first goal for Manchester United against QPR
Football4-0 victory is team's first win under new manager Louis van Gaal
Arts and Entertainment
art
News
newsIn short, yes
Arts and Entertainment
Rob James-Collier, who plays under-butler Thomas Barrow, admitted to suffering sleepless nights over the Series 5 script
tv'Thomas comes right up to the abyss', says the actor
Arts and Entertainment
Calvin Harris claimed the top spot in this week's single charts
music
Sport
BoxingVideo: The incident happened in the very same ring as Tyson-Holyfield II 17 years ago
News
Groundskeeper Willie has backed Scottish independence in a new video
people
Arts and Entertainment
The Doctor poses the question of whether we are every truly alone in 'Listen'
tvReview: Possibly Steven Moffat's most terrifying episode to date
News
ebooksAn unforgettable anthology of contemporary reportage
News
i100
Life and Style
Cara Delevigne at the TopShop Unique show during London Fashion Week
fashion
News
The life-sized tribute to Amy Winehouse was designed by Scott Eaton and was erected at the Stables Market in Camden
peopleBut quite what the singer would have made of her new statue...
Sport
England's Andy Sullivan poses with his trophy and an astronaut after winning a trip to space
sport
News
peopleThe actress has agreed to host the Met Gala Ball - but not until 2015
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SQL Developer - Watford/NW London - £280 - £320 p/d - 6 months

£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Senior BA - Insurance **URGENT**

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Training Coordinator / Resource Planner - City, London

£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...

Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)

£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...

Day In a Page

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week
The fall of Rome? Cash-strapped Italy accused of selling its soul to the highest bidder

The fall of Rome?

Italy's fears that corporate-sponsored restoration projects will lead to the Disneyfication of its cultural heritage
Glasgow girl made good

Glasgow girl made good

Kelly Macdonald was a waitress when she made Trainspotting. Now she’s taking Manhattan
Sequins ahoy as Strictly Come Dancing takes to the floor once more

Sequins ahoy as Strictly takes to the floor once more

Judy Murray, Frankie Bridge and co paired with dance partners
Wearable trainers and other sporty looks

Wearable trainers and other sporty looks

Alexander Wang pumps it up at New York Fashion Week
The landscape of my imagination

The landscape of my imagination

Author Kate Mosse on the place that taught her to tell stories
Ashya King: We need to stop being cowardly about death

We need to stop being cowardly about death

Ashya King's story has made us confront the idea of terminal illness, in an age when we've lost the ability to discuss how we face our final days
They talk the talk, but do our leaders have the stomach to face up to the Russians?

They talk the talk, but do our leaders have the stomach to face up to the Russians?

Nato has a commitment to defend the Baltic states, unlike Ukraine. But those in charge seem less than committed, says Rupert Cornwell
Heaven on wheels: Meet the skateboarding padre

Heaven on wheels: Meet the skateboarding padre

Skateboards are no longer just for kids, the oldies are getting in on the act too
Can breakdance divert the young men of Tunisia from the killing fields of Iraq and Syria?

Can breakdance save the Arab Spring generation?

Sarfraz Manzoor gets down with the B-boys (and girls) of north Africa
Face of an angel, but has Cara Delevingne the talent to act?

Face of an angel, but has Cara Delevingne the talent to act?

A film based on the Meredith Kercher murder is a challenging first role for the supermodel