Sir Philip Green racing to pay off £300m loan before Christmas

Sir Philip Green is racing to pay off a £310m loan on the flagship Oxford Street store of Topshop before Christmas, according to reports.

The Sunday Times has said that the tycoon's Arcadia empire is in talks with specialist lenders, including American private equity firm Apollo, to find financing the loan which is due for repayment in December.

Topshop Oxford Street flagship

The initial load on the property, which is one of retail's most coveted sites, was taken out in 2014 and funded by a consortium of banks and had initially been due for repayment in due but the deadline was extended to accommodate the group's CVA plans.

It is believed that a specialist lender might charge a higher interest rate on the loan that a high street bank, however the desirability of the property means it would be easy to sell and would reduce the risk for any lender.

214 Oxford Street is also home to Nike Town and is said to be worth around £400m. Arcadia recently let the neighbouring site, which had been home to Miss Selfridge, to footwear and skate wear brand Vans.