Nov 15, 2020

Topshop owner in talks to secure £30m in funding

Topshop owner Arcadia is in talks with lenders to secure around £30m in funding following the second coronavirus lockdown in England. Arcadia said: "We are continuing to trade online through our own channels as well as through those of our partners." Arcadia underwent restructuring last year through a company voluntary arrangement. In a deal with the Pensions Regulator, trustees of Arcadia's pension schemes were granted security over £210m worth of assets by the company. Sir Philip's wife, Lady Cristina Green, who is Arcadia's biggest shareholder, agreed to pump £100m into the schemes over three years while Arcadia said it would inject a further £75m. Sir Philip faced controversy over the pension scheme at one of his other businesses, BHS, which he sold to Dominic Chappell for £1 in 2015.

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