ARCADIA decline a £50m (€55.8m) emergency loan offer from Mike Ashley’s Frasers Group, the retail group formally known as Sports Direct.
The group confirmed early on Monday, November 30, that it had offered Arcadia up to £50m of emergency funding and were also looking to take part in any sale process – should Arcadia fall into administration.
However, in the latest in the Arcadia saga, Frasers gave a brief statement to the City confirming the proposal of a ‘lifetime loan’ was declined by Arcadia without any engagement:
“Frasers Group can confirm that Arcadia Group Limited have declined Frasers Group’s offer of a lifeline loan of up to £50m.
“Frasers Group were not given any reasons for the rejection, nor did Frasers Group have any engagement from Arcadia before the loan was declined.”
And now the Money Advice Service has tweeted some information and advice for customers including:
- Take back any unwanted good, or returns, as soon as possible, and avoid buying gift cards, just in case.
- Keep paying off any store credit cards – missed payments still affect your credit rating
- Spend gift vouchers as soon as you can – as they would be a low priority in an administration
— Money Advice Service (@YourMoneyAdvice) November 30, 2020
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