FTSE LIVE: NSF shelves hostile Provident bid; Landlords to vote on Topshop CVA

FTSE CLOSE: NSF shelves hostile bid for Provident; Landlords to vote on Topshop rescue deal; Card Factory bemoans tough High Street conditions

  • Vote on Arcadia by shop landlords delayed until June 12
  • Non-Standard Finance has called off its £1.3billion bid for rival Provident 
  • Card Factory saw sales rise but said conditions on the High Street remain tough

The FTSE 100 closed up 5.93 points at 7220.22 and the pound was at $1.27 against the dollar.

Creditors have failed to make a final decision on the future of Sir Philip Green’s Arcadia retail empire, which employs 18,000 people, with the vote now delayed until June 12. 

The retail tycoon and his wife Tina, who ultimately owns the Topshop and Dorothy Perkins group, have won the support of The Pensions Regulator. 

Doorstep lender Provident could breath a sigh of relief today as its rival Non-Standard Finance decided to shelve its hostile takeover approach after failing to gain enough backing. 

Market watch: FTSE is on a roller coaster this week, vulnerable to the ongoing US/China trade disputes



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