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Sir Philip Green's wife has agreed to plough almost £250 million into her husband's troubled retail empire to save it from collapse.
Her promise has meant the Arcadia group today won enough backing from landlords to push through restructuring plans that will cut rents and save jobs, the company said.
Company - Arrangements - CVAs - Vote - Afternoon
All seven company voluntary arrangements (CVAs) passed in a key vote this afternoon, which means the majority of the 18,000-strong workforce will keep their jobs across the Arcadia brands - Topshop, Evans, Burton, Wallis, Topman, Dorothy Perkins and Miss Selfridge.
Arcadia said Lady Tina Green, Sir Philip's wife who is the group's majority shareholder, will invest £50million into the company, on top of £50million funding already provided in March.
£25m - Pension - Scheme - Occasions - Years
She will also pour £25m into the pension scheme on four occasions in the next three years.
And she will top up the difference between the rent reductions the Greens asked for and the ones they got - which will set her back £9.5m in each of the next three years.
Top - Money - Business - Shareholder - Firm
On top of the money personally promised by the business's largest shareholder, the firm itself has agreed to hand over £210 of assets to provide backing for its pension scheme, bringing the total sizer of the deal to around £440million.
But pensions contributions will fall from £50million to £25million a year for three years, Arcadia said.
Jobs - Risk - Stores - Company - Arrangements
Around 1,000 jobs are at risk with 23 stores to close under the company voluntary arrangements (CVAs), while another 25 Miss Selfridge and Evans shops will be shut in a wider restructuring.
Landlords will also receive smaller amounts of rent on certain properties, with some reduced to half the original price.
Arcadia - Group - Ian - Grabiner - 'We
Arcadia Group chief Ian Grabiner said: 'We are extremely grateful to our creditors for supporting these proposals and to Lady Green for her continued support.
'After many months of...
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