Leading retail property agencies CBRE and JLL have made clear they will not assist Arcadia tycoon Sir Philip Green with a CVA of the fashion group.

The pair’s refusal to get involved could throw into doubt the viability of such a form of restructuring, The Sunday Times reported.

A CVA is thought to be among the possibilities being considered by Green as he seeks to put Arcadia, owner of brands including Burton and Dorothy Perkins as well as the flagship Topshop business, back on the front foot.

It emerged on Friday that a CVA was under consideration at Arcadia. Sky News reported that the process was expected to be formally launched in late April or early May following discussions with landlords.

Arcadia said in a statement: “Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner.

“None of the options being explored involve a significant number of redundancies or store closures. The business continues to operate as usual including all payments being made to suppliers as normal.”

An Arcadia CVA would require the approval of creditors and the Pension Protection Fund.

Green is reportedly in talks with the regulator, which will only endorse a CVA if it was satisfied that a restructured business would be more likely to be able to meet its pension contributions.

Arcadia is understood to have suffered tough trading conditions for some time, and Green has been embroiled in controversies ranging from the collapse of BHS, which he formerly owned, to claims of harassment, which he denies.