Sir Philip Green has pledged to invest £100m in Arcadia Group, in a final attempt to secure landlord and creditor support for its imminent restructuring, it has been reported.
Directors from Arcadia met on Tuesday to discuss final plans for the group’s restructuring, the Financial Times has reported. It is most likely that it will take the form of a company voluntary arrangement (CVA), which will require 75% of creditors’ votes to be approved.
To try to secure this approval, Green has now promised to invest £100m into the group, which includes Topshop, Topman, Dorothy Perkins, Miss Selfridge, Evans, Wallis and Burton. Arcadia has 571 stores and 388 concessions in its UK portfolio.
Green’s pledge comes after Arcadia reportedly struck a deal with HSBC that gives the bank security over several millions of pounds of cash deposits ahead of a restructuring.
Arcadia has been contacted for comment.