Mike Ashley offers Arcadia £50m loan

Mike Ashley’s Frasers Group has offered Arcadia an emergency loan of £50 million and expressed interest in buying parts of the retail empire if it goes into administration.

In a statement the group said that if “efforts to agree to an emergency funding package fail and the Arcadia Group enter into administration, the company would be interested in participating in any sale process.”

On Friday it was reported that Philip Green’s retail group, which owns high street brands including, TopShop, Dorothy Perkins and Burton, could appoint administrators as early as this week, which could impact 15,000 jobs.

According to the report by Sky News, Arcadia is preparing to appoint Deloitte as administrator after talks with lenders over a £30 million rescue deal ended without success.

Earlier this year Frasers Group bought DW Sports out of administration for £37 million.

Mike Ashley also attempted to buy out Debenhams in 2019 when the department store chain went into administration.

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