Sir Philip Green’s retail empire has warned there is “material uncertainty” over its future, despite the rescue deal it struck this year, after posting an annual loss of more than £ 177 million.
Taveta Investments, which is the holding company of Sir Philip’s Arcadia business, and its auditors PWC sounded the going concern warning in the group’s latest accounts for the 53 weeks to September 1, 2018 which showed it swung to a pre-tax loss of £ 177 .3 million from a £ 53 .5 million profit in 2017 after a challenging year.
“The retail landscape has changed dramatically over recent years and the increased competition from other high street and online retailers in particular has had a significant impact on our performance,” Taveta said.
The company behind Topshop reached…
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