Asos has sealed the takeover of Topshop, Topman, Miss Selfridge and HIIT from the collapse of the Arcadia group for £265 million.

Sir Philip Green’s retail empire fell into administration in November owing creditors hundreds of millions of pounds and threatening more than 13,000 jobs.

Asos told investors that it will take on around 300 employees as part of the deal, which will not include any of the brands’ stores.

Last week, Boohoo said it was in exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands in a move which will also not include any stores.

Asos said its acquisition of the four brands will ‘resonate’ with its core customer base of ‘20-somethings’ in the UK.

It said it expects the deal to complete later this week, adding that it will also see £20 million worth of one-off restructuring and transaction costs.

Asos is paying £265m for the brands and a further £65m for the current and pre-ordered stock.

Asos chief executive Nick Beighton said: ‘We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.

‘The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.

‘We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.’

Non-essential shops, including clothing stores, have been closed since the beginning of January due to the third national lockdown in England.

It is not yet known when lockdown will be eased, allowing them to reopen.

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