The Joint Administrators to the Arcadia Group Ltd and various subsidiaries have agreed the sale of the Daventry Distribution Centre (“Daventry”) to Prologis. The sale follows a highly competitive sale process, the result of which has generated a significant return above the latest book value of the distribution centre.
Following completion, Prologis has reached a separate agreement with boohoo group plc (“boohoo”) to take a long-term lease on the site. As a result, over 330 Arcadia Group employees based at the Daventry site will transfer to boohoo via the Transfer of Undertakings (Protection of Employment) regulations.
To date, the Joint Administrators have raised proceeds of over £600m for the benefit of Arcadia’s creditors.
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