SIR Philip Inexperienced final evening dismissed a Topshop “rescue bid” by Mike Ashley as a “publicity stunt”, resulting in a stand-off between the rival billionaires.
Sports activities Direct boss Ashley stated he would provide a £50million “lifeline” to maintain Inexperienced’s Arcadia Group out of administration and save 13,000 jobs.
Sir Philip Inexperienced is spending time together with his household in Monaco within the run-up to ChristmasCredit score: The Mega Company
However Sir Philip, relaxing on his £100million superyacht in tax haven Monaco, advised friends the gesture was “laughable”.
Hundreds of workers now face a worrying Christmas as the 2 fatcats have interaction in a confrontation over the agency’s future. A supply near billionaire Sir Philip, 68, stated: “He is aware of that is purely a publicity stunt by Mike Ashley.
“Elevating money shouldn’t be the issue, it’s securing the corporate’s pension fund. Sir Philip is aware of the clock is ticking however he gained’t make any rash selections.
“Lots of classes had been realized with Dominic Chappell and the BHS fiasco. Sir Philip shouldn’t be eager to leap into mattress with a chancer like Mike Ashley.”
Inexperienced’s Arcadia Group — which owns TopShop, TopMan, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans — might appoint directors as quickly as tomorrow. A supply on the firm stated final evening: “It’s all very effectively for Mike Ashley to supply a money mortgage, however on what phrases?
“If the enterprise goes into administration, he’ll need to take a slice of it, which might considerably eat into the pension fund share.”
Mike Ashley provided £50million to avoid wasting Inexperienced’s Arcadia Group from collapseCredit score: PA:Press Affiliation
Final month, it emerged in courtroom that BHS collapsed after Inexperienced blocked a sale to Ashley, 56, as a result of he “couldn’t entertain the notion of promoting to a competitor”.
Inexperienced bought the chain to Dominic Chappell for simply £1 in 2015, however it then collapsed solely a 12 months later.
Labour MP Stephen Timms stated: “No matter occurs, the Inexperienced household should make good the deficit within the Arcadia pension fund.”
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