High Street

Sir Philip Green in talks with lenders to raise £300m before Christmas

Arcadia owner Sir Philip Green is reportedly in talks with specialist lenders about acquiring a £300m loan before Chritsmas in order to pay off the loan secured against Arcadia’s flagship Oxford Street Topshop store.

According to the Sunday Times, to meet the repayment deadline next month Green is in talks with specialist lenders, including US private equity firm Apollo, about refinancing the £310m mortgage.

The original loan was given by the Royal Bank of Scotland in 2014 and was due to be paid in June but was extended thanks to Arcadia’s CVA earlier this year.

In its most recent results, Arcadia reported losses of £169.2m in its latest accounts posted on Companies House, blaming the “dramatically” changed retail landscape. For the 53 weeks to 1 September 2018 Arcadia losses totalled £169.2m compared with £49.4m profit the previous year. Its turnover also fell 4.5% to £1.8bn.

Earlier this year the retail group approved a company voluntary arrangement (CVA) in June, allowing it to restructure and close over 23 stores.

Arcadia has been contacted for comment.

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