Mike Ashley's Frasers offers emergency funding to Arcadia

Mike Ashley's Frasers Group confirmed on Monday it had offered emergency funding to Philip Green's Arcadia fashion group, which is on the brink of falling into administration.

Frasers said it has offered Topshop-owner Arcadia a loan of up to 50 million pounds ($66.7 million) and is awaiting a response.

It added that should Arcadia enter administration it would be interested in participating in any sale process.