Arcadia CVA passes, safeguarding 17,000 jobs


Arcadia’s CVA has been approved after today’s second creditor meeting when all seven votes passed muster with landlords, suppliers and the pension authorities.

The business attempted to push the CVA through last week with different terms but was forced to agree to inject more money into the business after at least two of its seven connected CVAs failed to garner the necessary 75% of support required to pass.

Lady Green, wife of Sir Philip Green, will now invest £50m into the group dependent on there being no risk of a legal challenge to the CVA.

The group did not disclose what percentage of creditors voted in favour of the procedure, on which Arcadia was advised by Deloitte and property consultancy GCW. It will result in 23 store closures and rent cuts on nearly 200 other stores.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.