// CBRE and JLL say they will not assist Arcadia Group if it undergoes restructure
// Follows reports that Sir Philip Green’s retail empire could face store closures & job cuts
Two of the biggest property agencies have said they would not cooperated with Sir Philip Green if he launched a CVA of his retail empire.
According to The Sunday Times, CBRE and JLL have made it clear that they will not assist the billionaire tycoon, who is reportedly preparing to launched a major restructure for Arcadia Group.
Reports emerged late last week that Arcadia’s restructure could potentially be in the form of a CVA, although this would need approval from creditors such as landlords and the Pension Protection Fund.
Sky News indicated it could be launched as soon as early April, and could lead to a series of store closures, job losses and rent reductions.
The Sunday Times said JLL and CBRE’s refusal to be involved raised doubts about the viability of the plan.
A spokesman from Arcadia Group last week confirmed that the company was in the process of “exploring options” but denied it would lead to a significant number of store closures or job losses.
There was also no mention of a CVA.
“Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner,” the spokesman said.
“None of the options being explored involve a significant number of redundancies or store closures.
“The business continues to operate as usual including all payments being made to suppliers as normal.”
News of a possible restructure of Arcadia first emerged when Green reportedly drafted in advisers from Deloitte earlier this year to produce a review.
Arcadia is thought to have become a victim of the challenging trading conditions that plague UK retail, while Green himself has landed in hot water over his handling of the pension scheme for BHS, the collapsed retailer that used to fall under Arcadia’s umbrealla.
In recent months he has been at the centre of allegations of sexual harassment and bullying, which he denies.
Arcadia Group is the parent company of Topshop and Topman, Dorothy Perkins, Miss Selfridge, Burton, Evans and Wallis.