Mike Ashley’s Frasers Group and fashion giant Next among dozens of potential bidders for collapsed Arcadia empire as deadline approaches
Mike Ashley’s Frasers Group and fashion giant Next are among dozens of potential bidders for Sir Philip Green’s collapsed Arcadia empire as a deadline approaches today.
Arcadia, which owns brands including Topshop, Burton and Miss Selfridge, collapsed last month. If the business is not bought out of administration, 13,000 jobs are at risk.
Administrators at Deloitte are thought to have received some 30 expressions of interest.
Interest: Mike Ashley’s Frasers Group is in the running and other potential buyers include Boohoo and China’s Shein
Rescue talks involving various potential bidders are thought to have continued over the weekend, with Next having emerged as the latest contender on Friday.
Ashley’s Frasers Group is in the running and other potential buyers – although perhaps only for brands such as Topshop – include Boohoo and China’s Shein.
The deadline for first-round bids is today. Documents circulated to potential bidders show that Arcadia revenues came in at £829m for the year to September 2019, compared with £846m the year before.
Even if Arcadia is rescued, a raft of store closures are likely.