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The family of Sir Philip Green has agreed to spend up to £ 10 million a year to offset the impact of rent reductions on the owners of Topshop in Burton, in order to guarantee the support of 39, a crucial restructuring of the rescue.
According to new proposals sent Friday, some homeowners who have been asked for a 70% rent reduction will now see their rent halved. Those who were previously asked for 30% discounts will only have to take 25% less.
It is crucial to note that the Green family will bridge the gap between old and new rent reductions, at an estimated cost of around £ 10 million a year. For example, homeowners will receive 50% of the rents in the stores, but Arcadia will pay 30% and the Green family 20%.
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The concession comes as Green and his advisers have less than a week to get the owners agreement on a complex bailout or to see Arcadia collapse in the administration, putting thus endangering 18,000 jobs.
A crucial vote on the plan, which involves seven insolvency proceedings called voluntary agreements with companies (CVAs), was postponed unexpectedly Wednesday after failing to get enough support.
The final vote is expected to take place on June 12th.
More details to follow …
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