Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Sir Philip Green promises £100m investment for Arcadia

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. 

Tags

Readers' comments (1)

  • All Arcadia brands, particularly the smaller one, and looking at stores specifically, have been horrendously under-invested in for years and years... This figure barely scratches the surface and PG's store teams, office teams and landlords will all know this.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.