FTSE LIVE: NSF shelves hostile bid for Provident; Landlords to vote on Topshop rescue deal; Card Factory bemoans tough High Street conditions
- Non-Standard Finance has called off its £1.3billion bid for rival Provident
- The fate of Arcadia is in landlords’ hands as they vote later on its proposed CVA
- Card Factory saw sales rise but said conditions on the High Street remain tough
Doorstep lender Provident will be breathing a sigh of relief today after its rival Non-Standard Finance decided to shelve its hostile takeover approach after failing to gain enough backing.
And later on, Arcadia creditors will determine the future of Sir Philip Green’s fashion empire and its 18,000 employees.
The retail tycoon and his wife Tina, who ultimately owns the Topshop and Dorothy Perkins group, have already won the support of The Pensions Regulator. But can they persuade the landlords to back its CVA and slash the rent bill?
The FTSE is on a roller coaster this week, vulnerable to the ongoing US/China trade disputes