LAND­LORDS LOCK HORNS WITH SIR PHILIP’S EM­PIRE

Daily Mail - - City & Finance -

SOME of Bri­tain’s big­gest land­lords have joined forces to de­mand a bet­ter deal from Sir Philip Green ( pic­tured) over planned store clo­sures within his Ar­ca­dia re­tail em­pire.

Ar­ca­dia has more than 500 stores across the UK and owns brands Dorothy Perkins, Miss Sel­fridge, Evans, Wal­lis and Bur­ton. Green wants to close around 50 stores and seek rent re­duc­tions on the oth­ers.

Prop­erty gi­ants in­clud­ing Bri­tish Land, Ham­mer­son and Aviva are set to ap­point ad­vis­ers to bargain with Green, 67, who is pur­su­ing a dras­tic over­haul to shore up fi­nances. The land­lords, who also in­clude Aberdeen Stan­dard In­vest­ments, M&G In­vest­ments and Sov­er­eign, are likely to ap­point ad­vi­sory firm PJT Part­ners to as­sist, ac­cord­ing to Sky News.

Land­lords are thought to have been of­fered a 10pc stake if they back the re­struc­tur­ing. But some are un­der­stood to want that in­creased and for Green to com­mit to more than the £50m pledged for Ar­ca­dia’s over­haul. If he fails to get a deal, he is likely to start an im­me­di­ate sale process.

Ar­ca­dia de­clined to com­ment.

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