Some of the UK’s largest landlords are teaming up to demand a bigger stake in Sir Philip Green’s troubled Arcadia retail empire as it tries to hammer out a restructuring deal.
The likes of British Land, which owns the Meadowhall shopping centre, Hammerson and Aberdeen Standard are planning to appoint advisers to act on behalf of all Arcadia landlords to help them secure the best possible terms.
Arcadia, whose chains include Topshop, Dorothy Perkins and Evans, is planning to close dozens of its more than 500 stores and secure major rent cuts on the rest through a controversial insolvency process known as a Company Voluntary Arrangement (CVA).
