Arcadia declines £50m loan offer from Mike Ashley's Frasers

Arcadia has declined the offer of a £50m secured loan from Mike Ashley's Frasers Group designed to help it stave off administration.

In a brief statement to the City Frasers Group said the "lifeline loan" offer was declined without Arcadia speaking to the group. "Frasers Group can confirm that Arcadia Group Limited have declined Frasers Group’s offer of a lifeline loan of up to £50m.

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

Frasers confirmed that it had made the offer this morning but sources close to Arcadia had already told the BBC today that they did not believe any last ditch attempts to save the business from administration would take place.

Administrators from Deloitte are poised to take over Sir Philip Green's Topshop to Burton empire and could be appointed as soon as today. Frasers Group has said that if the business does appoint administrators it would be interested to participated in the sale process.

Others expected to show an interest in saving all or some of the group include Boohoo Group and possibly Next. Topshop is the prime asset and is likely to attract wider attention.