The administrators to Arcadia Group are seeking bids of up to £200 million for its reputed label Topshop.
With Christmas just few days away, initial offers are being sought by this weekend. However, as per some sources, the Group might struggle to get what they seek.
Arcadia Group had collapsed into administration on 30 November thereby putting 13,000 jobs at risk.
Also Read: Arcadia finally collapses into administration; 13,000 jobs to be hit
There are reports that renowned fashion retailers of the UK like Next, Frasers Group and Boohoo Group are in the queue showing keen interest in Topshop.
Meanwhile, there is speculation that of the three aforementioned groups, Boohoo seems close to being a buyer as Sir Philip Green and his family is backing the online British fashion retailer’s approach.
Here it is pertinent to state that Green and his family members are major creditors to Arcadia Group with an outstanding secured loan of £50 million, which it may end up paying into their pension scheme anytime this week.
Also Read: Arcadia Group to pay £50 million into pension scheme
Though Boohoo Group has a good chance of being Topshop’s buyer, the administatrors have made it clear that they are seeking best possible value for the brand – therefore opening doors for other retail bigwigs too that also include Marks & Spencer.
This weekend would clearly tell us where the race to buy Topshop is heading to.
Till then stay connected!
