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.
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