LANDLORDS LOCK HORNS WITH SIR PHILIP’S EMPIRE
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.