Sir Philip Green’s retail empire Arcadia is on the brink of collapse despite an emergency loan offer.
The high street giant – which includes Topshop, Burton and Dorothy Perkins in its stable of clothing brands – could enter administration “within hours”, the BBC reported, citing senior company sources.
British sportswear tycoon Mike Ashley’s Frasers Group confirmed that it had offered a £50 million ($67m) loan to help Arcadia avoid bankruptcy.
But Arcadia does not consider the Frasers loan offer a serious proposal and is still expected to file for creditor protection soon, it was reported.
Arcadia’s collapse would put 13,000 jobs and 500 shops at risk.
Mr Ashley owns Newcastle United Football Club and bought troubled department store chain House of Fraser in 2018.
Frasers said: "The company can confirm that it has made an offer and provided draft terms to the Arcadia Group for a loan of up to £50m and is now awaiting a substantive response.
"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."
Arcadia had been seeking extra cash to help meet its loan obligations after a shortfall in revenue because of the effects of coronavirus.
It said on Friday that the pandemic had had a "material impact" on trading, with lockdowns forcing shops to close, and that it was working on "a number of contingency options" to secure the future of its brands.
The failure would deliver another body blow to Mr Green, whose reputation took a battering after the high-profile collapse of retailer BHS four years ago.
In 2015, the billionaire sold BHS for just £1 to Dominic Chappell, a former bankrupt businessman with no retail experience.
BHS then collapsed a year later, resulting in 11,000 job losses and leaving a huge deficit in its pension fund.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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