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Green offers Topshop flagship as pension security

Sir Philip Green is said to have offered Topshop’s flagship Oxford Circus store as security to the Arcadia pension fund.

Reports in the Sunday Times suggest Green made the offer as he seeks to restructure the business.

The Arcadia pension scheme is said to have a deficit of around £550m on a conventional-funding basis and £750m on a full-buyout basis. Green has offered to give the funds security over Topshop Oxford Street. The lease for the store is said to be worth as much as £600m.

Earlier this month, it was reported that Green is planning to slash payments into the Arcadia Group staff pension fund to £25m a year.

Green appointed two restructuring specialists to the boards of his retail empire in April.

Jamie Drummond-Smith, chairman of finance group Cattles, was appointed interim chairman of Topshop, Topman, Arcadia Group, and its parent company, Taveta Investments.

Peter Bloxham, former head of restructuring and insolvency at law firm Freshfields, has been appointed to the same boards as interim non-executive director.

In March, it was announced that Green wants to close a tranche of Arcadia’s 570 shops, possibly via a company voluntary arrangement (CVA), and cut rents by an average of 30% on the rest.

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