Sir Philip Green has come under new pressure as credit insurers cut cover for suppliers to his Arcadia high street empire, which includes Topshop.
Euler Hermes, a leading credit insurer, has written to clients in the past fortnight warning that it plans to reduce the value of goods it is prepared to underwrite between the point of manufacture and sale on the shop floor.
The pullback comes amid brutal trading conditions in the retail industry, which is being shaken by falling consumer spending and a shift to online shopping. Insurers have tightened terms for suppliers to groups ranging from Debenhams to Paperchase.
