// Next in advanced discussions with Arcadia Group about a takeover
// Sir Philip Green’s Arcadia fell into administration last month
// Green appointed administrators from Deloitte after talks with lenders about an emergency £30m loan fell through
Next is reportedly in advanced discussions with Sir Philip Green’s Arcadia Group about a takeover deal.
The fashion retailer, along with US investment firm Davidson Kempner are both in talks about a potential joint bid.
The two companies are currently in detailed discussions about a combined offer for Arcadia, which collapsed into administration last month, Sky News reported.
Arcadia’s administration put up to 13,000 jobs at risk, and follows the demise of Cath Kidston, Oasis and Warehouse and Debenhams.
Green appointed administrators from Deloitte after talks with a number of lenders about an emergency £30 million loan hit a dead end.
Next and Davidson Kempner said on Friday they were “likely, but not certain” to bid for Arcadia, which owns Topshop, Burton and Miss Selfridge, ahead of a revised deadline next Monday.
Under the discussed plans, the US-based firm would provide the majority of the funding required to complete a takeover.
Davidson Kempner would probably own the majority of the business after any deal.
A sale process being run by Deloitte, Arcadia’s administrator, has drawn interest from bidders including Mike Ashley’s Frasers Group, Authentic Brands, and Boohoo.
Retail Gazette has contacted Next for comment.