Mike Ashley’s Frasers Group has confirmed that it has made an offer to loan Arcadia Group up to £50m.
Frasers also said that should this emergency funding agreement fail and Arcadia enters into administration, it would be “interested in participating in any sale process”.
It follows reports from Sky News over the weekend that the finance was likely to be in the form of a secured loan and was aimed at preventing Philip Green’s Arcadia from falling into administration.
Arcadia has been reported to be on the brink of collapse with 550 stores at risk of closure. It is battling with a £350m pension deficit.
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