Sir Philip Green’s Arcadia has secured help from HSBC in an attempt to reassure suppliers as the retailer looks to get a rescue deal over the line.
HSBC has agreed to stand behind Arcadia’s debts to suppliers, which have asked for advance payments since credit insurers withdrew some support this year.
This has meant HSBC taking security over Arcadia’s cash deposits, Companies House records show. In return it is understood that the bank will underwrite letters of credit to Arcadia’s suppliers if required.
