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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Marks & Spencer Group plc    MKS   GB0031274896

MARKS & SPENCER GROUP PLC

(MKS)
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Philip Green's Arcadia rejects Frasers' offer of 'lifeline' loan

11/30/2020 | 02:32am EST

* Mike Ashley's Frasers offered 50 mln stg loan

* Says Arcadia did not engage

* Arcadia close to administration - Sky News

LONDON, Nov 30 (Reuters) - Philip Green's struggling British fashion group Arcadia has turned down rival Frasers Group's offer of a "lifeline" loan of up to 50 million pounds ($67 million), sportswear retailer Frasers, controlled by Mike Ashley, said on Monday.

Arcadia owns the Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit brands, trading from over 500 stores and employing over 13,000 people.

Its sales have been hammered by the COVID-19 pandemic and Sky News reported on Friday that it could go into administration as soon as Monday.

Arcadia said on Friday it was working on a number of "contingency options" to secure the future of its brands. If the group does enter administration, it will be the biggest British retail casualty of the pandemic so far.

"Frasers Group were not given any reasons for the rejection (of the loan) nor did Frasers Group have any engagement from Arcadia before the loan was declined," Frasers said.

Arcadia declined to comment.

Earlier on Monday, Frasers said that, should Arcadia Group enter into administration, it would be interested in participating in any sale process.

Topshop, once the go-to destination for teenagers and fashion lovers, is regarded by analysts as Arcadia's most attractive brand.

Media reports have also identified retailers Marks & Spencer , Next and Boohoo, as well as private-equity players, as potential bidders for individual brands.

($1 = 0.7496 pounds) (Reporting by James Davey; Editing by Paul Sandle and Pravin Char)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BOOHOO GROUP PLC -1.57% 343.9 Delayed Quote.0.26%
MARKS & SPENCER GROUP PLC 1.34% 143.55 Delayed Quote.5.32%
NEXT PLC -0.05% 7880 Delayed Quote.11.21%
SPORTS DIRECT INTERNATIONAL -0.93% 425 Delayed Quote.-5.85%
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Financials
Sales 2021 8 963 M 12 308 M 12 308 M
Net income 2021 32,1 M 44,1 M 44,1 M
Net Debt 2021 4 005 M 5 499 M 5 499 M
P/E ratio 2021 348x
Yield 2021 0,56%
Capitalization 2 806 M 3 854 M 3 853 M
EV / Sales 2021 0,76x
EV / Sales 2022 0,64x
Nbr of Employees 75 505
Free-Float 99,5%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 147,35 GBX
Last Close Price 143,55 GBX
Spread / Highest target 25,4%
Spread / Average Target 2,65%
Spread / Lowest Target -16,4%
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Managers and Directors
NameTitle
Steve Rowe Chief Executive Officer & Executive Director
Archie J. Norman Chairman
Eoin Philip Tonge Chief Financial Officer & Director
Carl Dawson Director-Information Technology
Andrew Nigel Halford Senior Independent Non-Executive Director
Sector and Competitors
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