The fashion empire of Sir Philip Green is said to face collapse within hours
Sir Philip Green’s retail empire Arcadia could announce its collapse within hours after reportedly declining a £50m lifeline offered by Mike Ashley’s Frasers Group.
Sources at Arcadia told the BBC they do not expect an eleventh hour rescue deal to be accepted.
The group had been looking to secure a cash injection to stay afloat after sales were weakened further by the coronavirus pandemic and consequent shutdown of stores.
On Friday, it emerged Arcadia's talks with lenders to borrow £30m, which would have staved off collapse during a period of recovery, had failed.
The group acknowledged it was forming “contingency options” to secure the group’s future, including appointing administrators at Deloitte.
Arcadia’s administration would put around 13,000 jobs at risk and could see the closure of stores at Topshop, Burton, Miss Selfridge and Wallis.
Green and his wife Lady Christina Green are worth £930m, according to The Sunday Times’ Rich List.
Sir Philip is most notorious for the BHS scandal, which left a £571m pensions deficit when it folded in 2016.
As well as a career in retail, in which he was hailed ‘King of the High Street’, in 2010 Green served under David Cameron’s government to lead a review of government spending to identify potential savings.