Next Plc is working on a deal to save Sir Philip Green’s retail troubled Arcadia empire.
The high street fashion giant is among the bidders for the Top Shop owner which went into administration before Christmas.
Arcadia consists of high street stores including Topshop, Topman, Dorothy Perkins and Burtons.
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Next faces competition from JD Sports, which has held talks over a joint bid with US retail giant Authentic Brands.
Frasers Group and Boohoo have also been reported as having an interest in acquiring Arcadia brands.
Last month, administrators agreed the sale of Arcadia’s plus-sized brand Evans to Australian firm City Chic Collective in a £23 million deal.
Last year Leicestershire-based Next – which is led by Conservative peer Lord (Simon) Wolfson – struck licensing deals with Victoria’s Secret and Laura Ashley after they both tumbled into administration.
It has been one of the retail success stories of the last 12 months recently announcing better than expected Christmas revenues – but warning the latest lockdown could hit profits despite strong online sales.
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A spokeswoman for Next said the business was making no comment on any plans, but the FTSE 100 company is being touted as one of the most likely victors in the process, bidding for the group in partnership with US hedge fund Davidson Kempner.
Next would be a minority party in the joint venture and BusinessLive understands should a deal be struck, existing Arcadia management would stay in place and Next would seek to keep many Arcadia stores open if it was able to agree deals with landlords.
Administrators at Deloitte are expected to receive bids worth more than £200 million as part of the process, which could be completed by the end of the month, according to the Sunday Times.