// Sir Philip Green puts former Burton headquarter up for sale
// Green is working with Deloitte on a fresh restructuring
// He hired agents at BNP Paribas to help sell Corinthian House for £80m
Sir Philip Green has reportedly put the former London headquarter for Burton up for sale, as the Covid-19 pandemic mounts pressure on Arcadia.
Green’s Arcadia group has been losing sales to online rivals such as Asos and Boohoo, and is said to be working with Deloitte on a fresh restructuring.
He appointed agents at BNP Paribas to help sell Corinthian House, which is a five-storey office block on Tottenham Court Road, with an asking price of £80 million, The Sunday Times reported.
READ MORE: Arcadia backflips to pay full salaries for staff facing redundancy
Arcadia’s pension fund took security over the building last year as part of a deal to win the support of the Pension Protection Fund for a restructuring.
At its last valuation in 2018, Arcadia had a pension deficit of £537 million, or £727 million on a “buyout” basis.
Last year, Green’s wife Tina agreed to fund £100 million, and Arcadia pledged to contribute £75 million over three years to alleviate the debt.
The pension trustees were granted security over £210 million of assets.
Arcadia furloughed 14,500 of its 16,000 staff and is making a fifth of its 2500 head office staff redundant.
Earlier this month, Arcadia took a u-turn and agreed to pay full salaries for head office staff facing redundancy.
An Arcadia Group spokesman said its actions related to around 300 redundancies in head office, and that the firm was “extremely sorry to all those individuals impacted for the distress that we have caused and apologise unreservedly”.
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