High Street

Arcadia Group to put Burton HQ on the market

Sir Philip Green has reportedly put Burton’s former London headquarters on the market, according to The Sunday Times.

The owner of Arcadia Group has drafted in agents from BNP Paribas to bring the Tottenham Court Road site to market for an asking price of £80m.

The move follows rising pressure on Arcadia, which has been losing sales to online rivals, such as Asos and Boohoo, for “years”, according to the Sunday Times. 

In light of this, the group reportedly launched a restructuring process with Deloitte earlier this year, as it battles to overcome the challenges presented by the coronavirus pandemic. 

According to the Sunday Times, the retail group also presented a cost-cutting plan to the Pensions Regulator earlier this year, in which it currently has a deficit of £727m in its pension funds. 

It comes after the group cut around 500 head office roles, and reports in April that Green’s retail empire had approached banks and hedge funds in regards to borrowing £50m against its distribution centre in Daventry, Northamptonshire.

It also comes after the group pushed through a CVA last June which saw the group close 23 stores.

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