By Matthew Roscoe • Published: 30 Nov 2020 • 17:04
ARCADIA decline a £50m (€55.8m) emergency loan offer from Mike Ashley’s Frasers Group, the retail group formally known as Sports Direct.
The group confirmed early on Monday, November 30, that it had offered Arcadia up to £50m of emergency funding and were also looking to take part in any sale process – should Arcadia fall into administration.
However, in the latest in the Arcadia saga, Frasers gave a brief statement to the City confirming the proposal of a ‘lifetime loan’ was declined by Arcadia without any engagement:
“Frasers Group can confirm that Arcadia Group Limited have declined Frasers Group’s offer of a lifeline loan of up to £50m.
“Frasers Group were not given any reasons for the rejection, nor did Frasers Group have any engagement from Arcadia before the loan was declined.”
And now the Money Advice Service has tweeted some information and advice for customers including:
More information for customers of the #Arcadia group: pic.twitter.com/1T5r6S9JKk — MoneyHelper (@MoneyHelperUK) November 30, 2020
More information for customers of the #Arcadia group: pic.twitter.com/1T5r6S9JKk
— MoneyHelper (@MoneyHelperUK) November 30, 2020
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.
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