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High street retailer Next is allegedly the lead bidder in the race to buy Arcadia Group out of administration, The Sunday Times reports.
Next, which is headed by Simon Wolfson, is said to be bidding for the group with US hedge fund Davidson Kempner.
However, the pair face competition from other high profile bidders including Authentic Brands, the US owner of New York department store brand Barneys, who is said to be eyeing up a double takeover of both Arcadia and Debenhams.
The final bids for Philip Green’s fallen empire are due on 18 January with the outlet reporting that the group could sell for £200m.
Arcadia which owns popular UK clothing brands such as Topshop and Burtons announced it was going into administration on 30 November 2020. At the time it was revealed that Deloitte would lead the process with the firm “assessing all options available” to the group.
If Next is successful in its bidding it has been reported that the company will appoint external managers to a new joint venture that would run Arcadia.
It has also been suggested that all Arcadia’s online operations would be managed through ‘Total Platform’, a service set up by Wolfson to run third party brands.
Next, who will also reportedly take a minority stake in the company, are happy to let Arcadica’s high street stores remain open if they can come to agreed talks with landlords.
Retail Sector has contacted Next for comment.
