Sir Philip Green has offered £185m in additional funds primarily made up of property assets to reduce Arcadia’s pension deficit in a bid to win approval for its CVA.
In the fashion retail group’s proposed CVA plan unveiled last week, 23 stores are set to shutter, putting 520 jobs at risk.
It has since emerged another 25 Evans and Miss Selfridge stores will close under separate insolvency agreements, including the retailer’s flagship Miss Selfridge store on Oxford Street.
The additional funds offered by Green will be primarily made up of property assets and includes security over the flagship Oxford Street store, which would allow the property to be sold to shore up the group’s pension deficit if a CVA does not revive the chain’s flagging fortunes.
The additional cash injection takes the total put forward by Green to support the pension scheme to £360m over the next three years, including £100m which will come directly from his wife Tina, owner of the retail empire.
Arcadia must win support for its CVA proposal from both The Pensions Regulator and the Pension Protection Fund.
The Pension Protection Fund will vote on the deal on behalf of Arcadia’s pensioners on June 5.