30th Nov 2020 09:15
(Alliance News) - Frasers Group PLC on Monday confirmed that it is interested in any sale process for Phillip Green's Arcadia Group, should the UK retailer fall into administration.
The Sports Direct and House of Fraser owner said it has already made an offer and provided draft terms to Arcadia for a loan of up to GBP50 million, and is awaiting a "substantive response".
Philip Green's struggling Arcadia Group, which runs the Topshop, Dorothy Perkins and Burton brands, is on the brink of collapse with around 15,000 jobs at risk.
On Friday, Sky News reported that Arcadia could fall into administration as soon as Monday.
Arcadia has been in emergency talks with lenders in a bid to secure a GBP30 million loan to help shore up its finances. If the insolvency is confirmed, it is expected to trigger a scramble among creditors for control of its assets.
"Should the company and the Arcadia Group's efforts to agree an emergency funding package fail and the Arcadia Group enter into administration, the company would be interested in participating in any sale process," Frasers said Monday.
Shares in Frasers were up 0.4% at 448.80 pence on Monday in London.
By Dayo Laniyan; [email protected]
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