Beyoncé has bought disgraced Arcadia owner Philip Green out of athleisure brand Ivy Park, which the pair developed together.
The businessman was named in the House of Lords last month as the individual who had secured an injunction against The Daily Telegraph, preventing it from publishing allegations of sexual harassment, racial abuse and bullying. Green denies the allegations.
A statement from the singer said that she had bought Green’s share of Ivy Park for an undisclosed sum. A spokesperson insisted that the deal pre-dated the recent scandal and that talks had been going on for nearly a year.
The range will still be sold in Topshop as well as other stockists including Selfridges and JD Sports.
The Daily Telegraph alleged that in five cases Green made “substantial payments” to five people as part of “settlement agreements” or NDAs.
He built his reputation as the king of the high street over decades, buying Arcadia in 2002 and attempting a high-profile takeover of M&S in 2004. His retail empire reached its zenith in the late noughties when the jewel in the Arcadia crown, Topshop, was at its most high-profile.
The retail tycoon’s reputation was irrevocably damaged by the BHS debacle. He sold the ailing retailer to a little-known consortium led by bankrupt Dominic Chappell for £1 in 2015. One year later, the chain collapsed into administration. The Pensions Regulator concluded that he sold the business to avoid pension liability if it should fail.