FRASERS Group Reportedly Ready To Offer £50 Million Loan To Help Arcadia empire stay afloat
Mike Ashley’s Frasers Group, which owns Sports Direct, and House Of Fraser, are reportedly ready to offer Arcadia Group boss, Sir Philip Green, an emergency secured loan of around £50 million, to salvage the struggling empire that comprises Dorothy Perkins, Burton, and Top Shop.
Only yesterday, Friday, November 27, it was announced that Arcadia Group, with more than 500 stores throughout the UK, was putting 15,000 jobs in jeopardy by revealing the company is on the verge of collapse and were in the process of appointing the administrators Deloitte to handle the matter, after initial reports that the group had been in discussions over a possible emergency loan of £30 million from lenders.
Chris Wootton, Frasers’ chief financial officer, is quoted as saying, “We hope that Sir Philip Green and the Arcadia Group will contact us today, to discuss how we can support them and help save as many jobs as possible”, but there are no reports yet of any such contact being made.
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