Sir Philip Green could offer landlords shares in Arcadia Group in the hope of winning their support for a restructuring of his struggling Topshop empire.
Advisers to the billionaire are considering “sweetening” the impending company voluntary arrangement (CVA) by giving landlords an interest of up to 20% in Arcadia, allowing them to share a windfall if the company were to be sold following the insolvency process.
Green and Arcadia’s chief executive, Ian Grabiner, want to use a CVA to close up to 30 of its 570 shops and cut rents by an average of 30% on the rest.
