Sir Philip Green paid $1, or 76p, to buy back a 25% stake in Topshop that he sold to US private equity firm Leonard Green in 2012.

The paltry sum emphasises just how far the value of the business has fallen – Leonard Green originally bought the stake for £350m.

The sale follows the resignation last week of two Leonard Green directors, Adam Levyn and Jonathan Sokoloff, from the Arcadia board.

They have since been replaced by restructuring experts Jamie Drummond-Smith and Peter Bloxham.

Drummond-Smith is chair of finance group Cattles where he was previously chief restructuring officer, while Bloxham is former head of restructuring and insolvency at law firm Freshfields.

Drummond-Smith has been made chair of Topshop, Topman, Arcadia Group and its parent company Taveta, while Bloxham is joining the board.

Arcadia is enduring a torrid time as trading conditions worsen and online competition strengthen. The group, which also owns Miss Selfridge, Burton and Dorothy Perkins among others, is looking to close several stores in the UK and overseas.

Its sales dropped nearly 20% to £241.5m in 2017, during which period operating profits plummeted 42% to £124m.

Green has been accused of sexual harassment and racial slurs, both of which he denies.