Green has 'time to scramble' on CVA deal after meeting delayed – Field

Arcadia owner Philip Green has “time to scramble” to agree a company voluntary arrangement (CVA), after it was announced that a meeting to rescue the pension scheme had been delayed.

The meeting had to be adjourned until 12 June after landlords rejected the plan that was approved by the Pension Protection Fund (PPF) and The Pensions Regulator (TPR).

Commenting on the announcement, Work and Pensions Select Committee chair, Frank Field, said: "The next week gives Sir Philip Green time to scramble around and try to agree a deal that lets him off the hook, for both immediate responsibility for the dire state of Arcadia, and for the full brunt of the pension scheme’s mega deficit."

The agreed deal would have seen 48 Arcadia stores, such as Topshop and Miss Selfridge, close, and around 1,000 job losses.

Green is attempting to have a total of seven CVAs approved, however some were rejected by landlords.

It has said that it requires all seven to be agreed upon to save the company from administration.

Field added: "We will use this time to look even more carefully at the adequacy of the Arcadia pensions deal that TPR is satisfied with, despite it apparently leaving a deficit in the pension scheme for years to come.”

The deal initially approved by PPF and TPR brought the total security value of the scheme to £210m, in addition to the £100m contribution previously promised by Lady Green.

However, a new deal will now have to be agreed to save the company and its pension scheme.

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