You are here

Arcadia owner Christina Green brings forward pension fund payment

[LONDON] Christina Green, the ultimate owner of the Arcadia fashion group that has collapsed into administration, said on Wednesday she was bringing forward payments she committed to make to the retailer's pension fund.

Last year Monaco-based Ms Green committed to paying £100 million (S$178 million) into Arcadia's pension scheme in three instalments as part of a restructuring plan for the group that was agreed by creditors.

In a statement she said two instalments of £25 million have already been paid and the third and final instalment of £50 million was not due to be paid until September 2021.

"Lady Green is going to bring this payment forward to be paid in the next 7/10 days to complete the £100 million commitment of payment." Arcadia went into administration on Monday, putting 13,000 jobs at risk. Analysts estimate a pension fund deficit of £350 million.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes