TOPSHOP is among four brands that have been formally taken over by online fashion retailer Asos, it has been announced.

Asos has bought Topshop, Topman, Miss Selfridge and HIIT from administrators following the collapse of Arcadia - the deal comes to a total of £265million.

Until recently, Topshop had a presence in Newport, at Friars Walk and as part of the Outfit store at Newport Retail Park.

But the Friars Walk store closed last March, shortly before the first coronavirus lockdown.

And last month it was announced by administrators for Sir Philip Green's Arcadia empire that Outfit stores are to close.

Topshop also had a store in Cwmbran Shopping Centre and in Blackwood, though these closed some time ago.

Asos have also paid a further £65million for current and pre-ordered stock according to administrators. It is similar to a deal completed by Boohoo to take over Debenhams.

Three hundred jobs will be offered by Asos but this does not include any of the stores - which means it is likely that remaining Topshop stores and others included in the deal will close, with all retail for these brands moving online.

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Nick Beighton, chief executive of Asos, 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.”