Comment on Arcadia Group Limited CVA vote

Oliver Morley, Chief Executive of the PPF said: 

“We’ve been working hard with the Pensions Regulator and scheme trustees to ensure that Arcadia increases the funding of the pension schemes to a level that will provide for the members and protect the PPF. Following these negotiations, we are pleased that the company and shareholder have today agreed a funding and security package for the scheme. Based on this commitment, we will now vote in support of the Arcadia Group Limited CVA tomorrow. While we are the largest creditor in this CVA, other creditors will also need to agree the terms for it to be successful. We therefore want to reassure pension scheme members of the continued protection the PPF gives them.”