Sir Philip Green ponders saving Topshop Australia after company collapse

Sir Philip Green is considering plans to save the Australian division of his fashion chain Topshop after its franchise partner Austradia fell into administration.

The retail tycoon's Arcadia Group is talking to administrators Ferrier Hodgson about rescue options.

The discussions could reportedly lead to Sir Philip taking control of the business.

It has nine stores and 17 concessions within Australian department store giant Myer and employs 760 staff.

Its sales total around £52m a year.

Myer also owns a 20% stake in the franchise following a deal in 2015.

Almost six years after opening stores Down Under, Topshop Australia was placed in voluntary administration on Wednesday amid mounting losses.

An Arcadia spokesman said: "We are working with administrators to find a solution."

Adminstrator James Stewart, at Ferrier Hodgson, confirmed it was "business as usual" as they "work closely with Arcadia Group on supporting and right-sizing the Australian business to a sustainable platform".

Topshop also has stores in China and the US.

Details of the potential rescue bid by Sir Philip come just weeks after the former BHS boss and his wife made a list of the richest couples in the UK .

Sir Philip and Lady Green came fifth in the husbands and wives section of the Sunday Times Rich List.

They were the only couple on the list whose fortune had decreased over the past 12 months. It is now estimated at £2.8bn.

On Wednesday, Sky News reported that Lord Grabiner - chairman of Arcadia parent company Taveta Investments - is poised to become the latest high-profile departure from the group.

He was said to have been deeply irritated by the personal scrutiny he faced over the crisis at BHS - the collapse of which triggered around 11,000 job losses.

Lord Grabiner came under fire after his appearance before a parliamentary inquiry last summer, when MPs (BSE: MPSLTD.BO - news) said he had given a "complacent" performance.