Topshop owner Arcadia is seeking to borrow up to £50m against its distribution centre, in an effort to support the business through the current coronavirus crisis.
All 550 UK stores in the Arcadia portfolio are currently closed, and the business is looking to shore up its future during the pandemic with a new round of borrowing against its Northamptonshire distribution centre, reports Sky News.
Arcadia opened the logistics hub in Daventry last year, and the location forms a central part of its Topshop logistics set up. It is not yet clear whether a funding deal has been reached.
Earlier this month, Arcadia announced it was furloughing 14,500 of its 16,000 staff, with senior leaders in the business taking a paycut of between 25% and 50%. Arcadia CEO Ian Grabiner, elected to receive no salary or benefits until further notice.
Arcadia declined to comment on the reports.