(Alliance News) - A consortium including retailer Next PLC is currently the frontrunner to buy Topshop owner Arcadia Group, the Times and Guardian newspapers reported on Sunday.
High street giant Arcadia, owned by Philip Green, owns a number of brands including Topshop, Dorothy Perkins and Burton. It sank into administration at the end of November, putting 13,000 jobs at risk.
The auction for Arcadia is now near conclusion and Next, led by Simon Wolfson, is partnering with US hedge fund Davidson Kempner, according to both the Guardian and Times.
According to the Guardian, Mike Ashley's Frasers Group PLC - owner of Sports Direct and House of Fraser - and online retailer Boohoo Group PLC, also are considering bids.
The Times said Boohoo "is now considered an outside bet".
Final bids for Arcadia are due in on Monday.
"Administrators from Deloitte hope to complete the sale by the end of this month," said the Guardian.
https://www.thetimes.co.uk/article/next-leads-race-to-rescue-topshop-retail-empire-hh7j0qmzt
https://www.theguardian.com/business/2021/jan/17/next-and-partners-in-pole-position-to-buy-arcadia-out-of-administration
By Anna Farley; annafarley@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Next (NXT)
Boohoo (BOO)
Frasers Group (FRAS)
