The two biggest property agencies have refused to help Sir Philip Green carry out a controversial insolvency procedure to cut costs at his retail empire, raising doubts about the viability of the plan.
CBRE, the market leader, and JLL, the No 2, are understood to have declined to work on a company voluntary arrangement (CVA) for Arcadia, the parent company of Topshop.
The billionaire plans to launch a CVA in the next few months in an attempt to lower the rent bill of Arcadia, which has 570 shops and 500 concessions under brands including Dorothy Perkins, Burton and Wallis.
