(Reuters) - Some of the UK’s top property groups such as Hammerson Plc and British Land Company Plc were set to demand better terms from Philip Green’s Arcadia Group, Sky News reported on Thursday.
The move comes a month after Green said he was working on restructuring Arcadia, which trades under brands such as Top Shop, Miss Selfridge and Dorothy Perkins.
The property groups, which included Aviva, are expected to appoint advisers to help oversee talks with Arcadia in the coming weeks, the report said.
Other property owners such as Aberdeen Standard Investments, M&G Investments were also expected to be part of the consortium with the collective objective of securing improved terms for all landlords in which Arcadia’s more than 500 outlets operate.
Arcadia, which employs over 18,000 employees, said last month it was dealing with “an exceptionally challenging retail market” and “continued pressures that are specific to the UK high street.”
Hammerson and Aberdeen Standard Investments declined to comment, while British Land could not be immediately reached. Arcadia did not immediately respond to a request for comment.
Reporting by Samantha Machado and Sangameshwaran S in Bengaluru; Editing by Arun Koyyur