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Arcadia Group enters ‘urgent’ borrowing talks

Arcadia Group, the parent company of Topshop, has reportedly entered “urgent” borrowing talks in a bid to secure funding and “aid its survival prospects”.

According to Sky News, the group, owned by Sir Philip Green, has sought several potential lenders in its efforts to borrow around £30m to support the business following England’s second lockdown. 

Ongoing talks are now being held with a “number” of parties, Sky News reports, with one source telling Sky that an agreement to secure fresh financing “could be close”. 

Sky added that a failure to secure funding could “raise renewed doubts about whether Sir Philip’s empire can survive the coronavirus pandemic”.

It comes as more than 500 Arcadia sites are currently closed in England due to government restrictions. 

In a statement to Retail Sector, a spokesperson for Arcadia Group said: “It is not true that administrators are about to be appointed. Clearly, the second UK lockdown presents a further challenge for all retailers and we are taking all appropriate steps to protect our employees and other stakeholders from its consequences. 

“All our stores in Wales, Scotland and Northern Ireland have now reopened, and we are continuing to trade online through our own channels as well as through those of our partners.”

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