Frasers Group PLC (LON:FRAS) has confirmed it is eyeing a potential acquisition of Arcadia brands such as Topshop while it remains in talks to buy Debenhams.

Chief financial officer Chris Wootton said the retailer tends “to look at almost everything on the High Street”.

READ: Frasers flies as boss Mike Ashley tightens guidance and says brand relationships improving

In regards to the Burton and Dorothy Perkins owner, which entered administration on November 30, he told the BBC, “the process has only just started so there’s a long way to go as to ascertain what – if anything – we look at with that”.

On Thursday, the FTSE 250 company raised the bottom-end of guidance and said the group will achieve a 20% to 30% improvement in underlying earnings (EBITDA) in the year to next April.

In the 26 weeks to October 26, revenue dipped 7% to £1.8bn with EBITDA up 25% to £226mln which was attributed to the business rates relief as well as the new additions to the portfolio such as the more upmarket Flannels stores.

Mike Ashley’s group is also still in talks to snap up collapsed department store Debenhams but previously said the process was complicated by the administration of Arcadia, which is the biggest operator of retail concessions in Debenhams stores, representing around 5% of annual revenue.

Previous reports suggested Ashley is attempting to cut a deal that could value Debenhams at more than £200mln.

Shares rose 4% to 458.49p on Thursday late morning, after a 13% spike earlier in the day following the interim results.

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