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Arcadia refinances Topshop flagship

Arcadia Group has confirmed the refinancing of its £310m mortgage on Topshop’s flagship store on London’s Oxford Street.

The refinancing has been secured through US private equity firm Apollo Global Management. 

A spokeswoman said: ”The Arcadia Group is pleased to confirm it has completed the refinancing of its £310m loan on 214 Oxford Street for 4 years term with Apollo Management International.”

The original mortgage was provided in 2014 by a syndicate of banks led by Royal Bank of Scotland. It was scheduled to expire last June but was extended as part of the group’s company voluntary arrangement earlier this year. 

The refinancing comes after Topshop and Topman chief executive Paul Price resigned after just over two years in the role

In September, Arcadia reported an operating loss of £138m for the 53 weeks to 1 September 2018, admitting it could require additional financing to deliver its turnaround.  

It was the first time in seven years that Green’s empire has reported a loss, falling into the red from a £199m profit in 2017.

Arcadia successfully passed seven CVAs in June this year, which included the closure of 48 of its UK and Irish stores and slashing rents across the remainder of its portfolio. The group’s brands comprise TopshopTopmanWallis, Burton, Dorothy Perkins, Evans, Miss Selfridge and Outfit. As part of the CVAs, Topshop and Topman’s retail operations in the US were placed into administration. 

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