Retail Week understands that Arcadia is unwilling to budge on its proposed contributions to the pension scheme or offer landlords a larger equity stake in the business – a stance that leaves its CVA hanging in the balance with just a week to go until the crunch vote.

Sir Philip Green’s fashion stable wants to halve the annual contributions it makes to its pension scheme from £50m to £25m, with the shortfall being made up by a £100m cash injection by his wife and major shareholder, Lady Tina Green, over the next three years.

Arcadia, which owns brands including Topshop, Burton, Dorothy Perkins and Miss Selfridge, subsequently offered £185m in additional funds, made up primarily of property assets, to further reduce the pension deficit.