// 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.
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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.
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