Rolling coverage of the latest economic and financial news, as landlords vote on whether to approve Arcadia’s rescue deal
- Introduction: Arcadia rescue deal vote today
- Vote was postponed last week as Green faced defeat
- INTU still opposing the plan
- 18,000 jobs at risk
Property Week agree that the vote of Land Securities (one of the U’s largest commercial property firms) will be crucial today. They say:
Landsec holds Arcadia’s survival in its hands for the second week in a row.
Even if the commercial property giant abstains, that is expected to be enough to give Sir Philip Green victory.
Arcadia remains hopeful that landlords will approve its CVA deal today, at the second time of asking.
One insider told Retail Week:
“Arcadia wouldn’t take it to a vote tomorrow if it wasn’t hopeful of getting it over the line. It would have pulled the plug and gone into administration instead.”