Sir Philip Green bags crucial vote ahead of Arcadia meeting

Sir Philip Green has won the backing of the Pension Protection Fund (PPF) for his plan to rescue his retail giant Arcadia.

This is ahead of a crucial vote today (June 5). Green - who owns the likes of Topshop and Dorothy Perkins - has bagged a £385m deal to secure pension schemes, including £100m from his wife, Lady Cristina Green, who is Arcadia’s biggest shareholder.

The PPF has said it will support Arcadia’s shift, but the plan involves closing 50 stores which needs landlord approval.

Oliver Morley, chief executive of the PPF, said: “We are pleased that the company and shareholder have agreed a funding and security package for the scheme.

“Based on this commitment, we will now vote in support of the Arcadia Group Limited CVA… While we are the largest creditor in this CVA, other creditors will also need to agree the terms for it to be successful.”

The restructuring would be done through a company voluntary arrangement (CVA).

Currently, Arcadia has over 560 shops across the UK and Ireland, employing 22,000 staff. It has already closed 200 UK stores in the last three years.