Sir Philip Green's TopShop empire Arcadia Group faces collapse within days putting 15,000 jobs at risk

  • Arcadia Group 'expected to appoint administrators from Deloitte in next week' 
  • Insider said fall 'inevitable after Sir Philip couldn't secure his £30million loan' 
  • More than 15,000 people work for the retail group which also includes Burton 

Sir Philip Green's Arcadia Group empire which owns high street labels such as Topshop, Burton and Dorothy Perkins could face collapse within a matter of days - putting 15,000 jobs at risk.

In what could be the biggest British corporate collapse of the coronavirus pandemic so far, the group is set to appoint administrators from Deloitte as early as Monday next week although the plans could still be delayed.

The move puts the retail group's 15,000 employees at risk of redundancy, after it axed 500 roles in its head office in July.

Speaking to Sky News., an industry insider suggested the fall of Sir Philip's retail empire had become inevitable after he was unable to secure an emergency £30million loan to keep Arcadia afloat. 

The businessman, who bought the high street group for £850million in 2002, had asked lenders for a £30million loan after lockdown restrictions hammered sales. Pictured: Sir Philip Green onboard his yacht on Monday

The businessman, who bought the high street group for £850million in 2002, had asked lenders for a £30million loan after lockdown restrictions hammered sales. Pictured: Sir Philip Green onboard his yacht on Monday

Sir Philip Green's Topshop empire could face collapse within days, reports claimed today, putting more than 15,000 jobs at risk. Pictured: Stock image

Sir Philip Green's Topshop empire could face collapse within days, reports claimed today, putting more than 15,000 jobs at risk. Pictured: Stock image 

The businessman, who bought the high street group for £850million in 2002, had asked lenders for support after lockdown restrictions hammered sales, disrupting crucial trading up to Christmas.  

There is expected to be a rush among creditors to secure the company's assets if the Arcadia Group's insolvency is formally declared. 

The Arcadia Group did not deny the reports when contacted by MailOnline. 

A spokesman admitted the 'forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses.'He said the retail group has therefore been working on 'a number of contingency options to secure the future of the Group’s brands.' 

'The brands continue to trade and our stores will be opening again in England and ROI as soon as the Government COVID-19 restrictions are lifted next week,' a statement added.  

Online retailer Boohoo is among a number of businesses expected to consider taking on Topshop should it appoint administrators next week as reported.

Other brands could be saved by investors or become online-only fashion labels, like Cath Kidston, Oasis and Warehouse.    

Pictured: Sir Philip's £100million super yacht the Lionheart, which was spotted docked in Monaco in Monday

Pictured: Sir Philip's £100million super yacht the Lionheart, which was spotted docked in Monaco in Monday

It is understood Sir Philip is unlikely to attempt to repurchase any of Arcadia's trading operations. 

It was reported earlier this month that Arcadia was drawing up plans for administration, but a spokesman for the retail group denied this was the case.

He added the firm was 'taking all appropriate steps' to protect itself from the pandemic's impact.            

The Arcadia Group is the latest retailer to have been hammered by the closure of stores in the face of coronavirus, with rivals including Debenhams, Edinburgh Woollen Mill Group and Oasis Warehouse all sliding into insolvency since the pandemic struck in March.

The group has more than 500 retail stores across the UK, with the majority of these currently shut as a result of England's second national lockdown, which will end next week. 

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