On Monday, Mike Ashley's phrases group reportedly offered up to £50 million or $67 million.

Arcadia owns brands including Top shop Top Man and Dorothy Perkins.

It has over 500 stores and employees over 13,000 people, but sales have been hammered by the covert 19 pandemic.

Sky News reported on Friday that Arcadia could go into administration this week, making it the biggest British retail casualty of the pandemic so far.

Fraser's groups said they were not given any reasons for the loan rejection.

Arcadia declined to comment.