Sir Philip Green’s fashion group, Arcadia, has proposed a rental reduction which it hopes will prevent a collapse into administration.

A meeting of creditors on Wednesday was adjourned until 12 June after several landlords declined to back Sir Philip’s restructuring plan.

The group had suggested rental reductions of 30% to 70% across 194 locations over three years.

But a new version unveiled on Friday sees the business suggesting cuts of between 25% and 50% for all affected landlords across seven company voluntary arrangements (CVAs).

This would also be available to landlords who had voted to approve the previous plan.

It said the cost of the change – £9.5m in the first year – will be funded by Tina Green, Sir Philip’s wife and the ultimate owner of Arcadia.

Ian Grabiner, chief executive of Arcadia, said: “Having already secured the support of our pensions trustees, trade creditors and a significant number of landlords, we hope these final revised terms will ensure the majority of landlords support the CVA at next week’s vote.

“Their support is vital for the long term sustainability of the group, our 18,000 employees and our extensive network of loyal suppliers.”

Arcadia needs approval from creditors in order to avoid administration or liquidation for its seven brands – Topshop, Topman, Burton Menswear, Dorothy Perkins, Evans, Miss Selfridge and Wallis.

Sky News also reported that the earlier plan had won The Pension Regulator’s support, after Sir Philip handed a further £25m to Arcadia’s pension scheme in an 11th-hour deal.

Arcadia and The Pensions Regulator confirmed on Tuesday night that they had reached an agreement, meaning that the watchdog would back the plan to restructure the company’s financial liabilities.

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