SIR Philip Green's Arcadia retail empire has scraped through plans to close stores after a knife-edge vote received the backing of landlords.

The group - which owns Topshop, Burton and other high street brands - announced on Wednesday that its company voluntary arrangements (CVAs) had all been voted through at a reconvened meeting of creditors.

It means around 1,000 jobs are at risk as 23 stores close under the CVA, while another 25 will be shuttered as part of a wider restructuring.

Landlords will also receive smaller amounts of rent on certain properties, with some reduced to half the original price.

Arcadia's chief executive Ian Grabiner said: "We are extremely grateful to our creditors for supporting these proposals and to Lady Green for her continued support.

"After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing.”

The proposals were passed at a second meeting on Wednesday, which came a week after the first was postponed.

The initial vote was adjourned after it became clear that there was not sufficient support among landlords.

Shares in De La Rue rose after the banknote printing firm announced the sale of its International Identity Solutions business to verification specialist HID for £42 million.

The London-listed firm said the sale would see HID acquire its contracts and software associated with business, as well as its passport assembly facilities in Malta. The move strengthens De La Rue's balance sheet and will enable it to invest in other growth areas, such as product authentication, the company said. The announcement comes two weeks after De La Rue's chief executive Martin Sutherland revealed plans to step down from the firm as it launched a strategic review following the loss of its contract to print British passports.

Ex-WPP boss Sir Martin Sorrell has hired two of his former executives for his new firm S4 Capital.

Scott Spirit, who previously worked at advertising giant WPP for 15 years, will join S4 Capital as chief growth officer and board member on July 18. He was most recently chief strategy and digital officer at WPP before joining artificial intelligence company, Eureka AI, where he will continue to be a board member and adviser.

Former WPP senior executive Elizabeth Buchanan will also join S4 next month as a non-executive director. She has 25 years' experience in technology, marketing and advertising - including founding her own full-service digital ad outfit, The White Agency.