It is understood that agents have been appointed by Arcadia to sell off Corinthian House on London’s Tottenham Court Road. Arcadia’s pension fund took security over the building, valued at £80m, as part of the negotiations over Arcadia’s restructuring to gain the support of the Pension Protection Fund. Reports say that, at its last valuation in 2018, Arcadia has a pension fund deficit of £537 million, or £727 million on a buy out basis. Tina Green had agreed to fund £100 million with Arcadia pledging to contribute £75 million over three years to reduce the deficit, with pensions trustees granted security over £210 million of assets.
The retail business is understood to be working on a fresh restructuring with Deloitte.
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