Sir Philip Green’s family set to make £50m from Topshop sale
Sir Philip Green’s family is reportedly set to receive £50m from the sale of Topshop.
The troubled retail group collapsed at the end of last year and its flagship brands Topshop and Topman reportedly failed with gross liabilities of more than £550m.
The groups’ demise launched 13,000 jobs into uncertainty and became the biggest casualty of a bruising year for the British high street.
Online specialist Asos is reportedly in talks to snap up the brands alongside Miss Selfridge in a deal worth more than £330m.
A report by administrators into the collapse of Topman and Topshop seen by the Guardian shows the brand owes around £51m to more than 1,000 unsecured creditors. The figure excludes money owed to HMRC.
Deloitte administrators reportedly said the figure is likely to be “materially higher” after tax and money potentially owed to Arcadia’s pension funds.
As secured creditors Green’s family’s Aldsworth Equity is set for a £50m payout before its suppliers, landlords and HMRC.
Online retailer Boohoo recently confirmed it is in exclusive talks with Arcadia to buy Dorothy Perkins, Wallis and Burton.
Just over 700 unsecured creditors in Green’s other brands, including Dorothy Perkins, are owed at least £33m, according to the Guardian.