Sir Philip Green’s Arcadia Group is preparing to appoint the former boss of the De Vere hotel and leisure group as its new chairman.
The appointment of Andrew Coppel, who currently sits on the board of housebuilder MJ Gleeson, is expected to be announced tomorrow, Sky News reported.
He will replace corporate restructuring expert Jamie Drummond Smith, who stepped down as interim chairman in September after being brought into steer the high street giant’s restructuring process.
Coppel will become chairman of Arcadia, its holding company Taveta Investments and Top Shop Top Man Limited.
Coppel’s experience in property-backed consumer businesses would be an “important asset” to Green’s retail empire, Sky News said, citing sources.
Previously, Coppel has held board positions at the Jockey Club and Duncan Bannatyne’s leisure group.
Arcadia reported an operating loss of £138m in the year ending 1 September 2018, its most recent financial filings, and a 4.5 per cent drop in turnover to £1.8bn.
The group attributed the dip to the “ongoing challenging global market conditions for retailers” and increased competition from other high street stores and online retailers in particular.
Green is currently implementing a restructuring of his retail empire, which will see 23 stores close and rents slashed at 200 branches.
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