Dec 13, 2019
Philip Green’s Arcadia agrees crucial debt refinancing
Philip Green's efforts to rejuvenate his ailing fashion empire have received a boost from private equity group Apollo Management, which is refinancing a key loan for Topshop and Miss Selfridge owner Arcadia. The deal comes after Arcadia warned in its annual accounts that any failure to refinance the loan, which fell due at the end of December, would pose a material risk to its viability. Refinancing the secured loan allows Arcadia to concentrate on a pivotal trading period. Arcadia brands such as Topshop and Wallis were offering 25 per cent off entire ranges over the recent Black Friday week. Many are likely to close in the medium term as leases come to an end, although comparatively few will shut as a direct result of the CVA. Arcadia is investing in new digital capability - it has opened an automated warehouse in the Midlands, and introduced an unlimited home delivery service similar to Asos Premier.
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