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Sir Philip Green is working on a restructuring of his Arcadia Group retail empire that includes Topshop and Miss Selfridge.

The billionaire’s company said in a statement that it was suffering “an exceptionally challenging retail market” in the UK. Arcadia was therefore “exploring options” to bolster the business.

Job cuts and store closures are likely, but they would not be “significant”, Arcadia insisted.

There were reports on Friday that Sir Philip was considering a company voluntary arrangement (CVA), a form of insolvency that would enable him to seek rent cuts and close unwanted stores.

Arcadia said that it was issuing its statement in response to that media speculation, but made no mention about a CVA nor potential sales.

“Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner,” Arcadia said.

“None of the options being explored involve a significant number of redundancies or store closures. The business continues to operate as usual including all payments being made to suppliers as normal,” it added.

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