Arcadia Owner Turns to Lenders for Financial Support

  • Sir Philip Green seeking £300m loan from lenders before Christmas
  • Talks with US private equity firm Apollo involved
  • Loan originally given by Royal Bank of Scotland in 2014, extended earlier this year
  • Arcadia’s losses increased to £169.2m in latest accounts
  • Retail group closed over 23 stores through company voluntary arrangement (CVA)

Arcadia owner Sir Philip Green is reportedly in talks with specialist lenders, including US private equity firm Apollo, about refinancing a £310m mortgage on the Oxford Street Topshop store. The loan was initially provided by Royal Bank of Scotland in 2014 and was due to be paid in June but was extended due to Arcadia’s CVA earlier this year. Arcadia’s latest accounts show losses increased to £169.2m, with a 4.5% drop in turnover to £1.8bn for the 53 weeks ending September 2018. The retail group has closed over 23 stores through a company voluntary arrangement (CVA).

Factuality Level: 7
Factuality Justification: The article provides accurate information about Sir Philip Green’s efforts to acquire a loan to pay off the mortgage on the Oxford Street Topshop store and mentions Arcadia’s financial struggles. However, it could provide more context on the company’s situation and the reasons behind the losses.
Noise Level: 4
Noise Justification: The article provides relevant information about Sir Philip Green’s efforts to secure a loan to pay off the mortgage on Arcadia’s Oxford Street Topshop store and mentions the company’s financial performance. However, it could provide more in-depth analysis of the reasons behind the losses and potential solutions for the retail group’s struggles.
Financial Relevance: Yes
Financial Markets Impacted: Arcadia Group, Sir Philip Green, Royal Bank of Scotland, Apollo private equity firm
Financial Rating Justification: The article discusses Arcadia Group’s financial situation and its need to acquire a loan to pay off an existing mortgage, which impacts the involved companies and their financial status.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk