What: After acquiring Debenhams, Boohoo takes over the remains of Arcadia Group.

Why it is important: Boohoo has become an opportunistic acquirer of faded brands.

Boohoo has agreed to buy Burton, Dorothy Perkins and Wallis out of administration, marking the final stage in the break-up of Sir Philip Green’s Arcadia Group. The online retailer said it was set to acquire the digital assets and intellectual property of the brands for GBP 25.2 million.

The transaction will lead to the closure of 216 shops across the UK occupied by the three brands which made about GBP 428 million in revenues last year.

John Lyttle, Boohoo’s chief executive, said the deal ensured that the brands’ “heritage is sustained, while our investment aims to transform them into brands that are fit for the current market environment”.

The acquisition of the final parts of Arcadia — after Asos last week announced it would buy Topshop — closes a chapter for UK high streets. When Green in 2002 acquired Arcadia for GBP 850 million, Asos’s revenues were just GBP 4.1 million and Boohoo did not exist.

Boohoo to buy Burton, Dorothy Perkins and Wallis brands for £25m