Mike Ashley’s Frasers Group confirms loan offer to troubled Arcadia

Frasers Group, the retail giant led by Mike Ashley, has confirmed it has made an offer to beleaguered Arcadia for a loan of up to £50 million.

Sir Philip Green’s retail empire, Arcadia Group, is preparing to appoint administrators it is understood. The company employs around 13000 people and is behind high street brands such as Topshop and Wallis.

A weekend report from Sky News said Frasers’ Ashley was offering a £50 million lifeline to keep Arcadia afloat.

Frasers, which owns Sports Direct, Evans Cycles and Flannels, today said: “The company can confirm that it has made an offer and provided draft terms to the Arcadia Group for a loan of up to £50 million and is now awaiting a substantive response.”