UK taxpayers to take a hit on Arcadia’s collapse, creditors to share just £30 million
UK taxpayers will take a major hit following the demise of the Arcadia Group, the multi-brand fashion group that plunged into administration late last year.
They will bear a major cost of the group’s multi-million-pound failure as liquidators will return just £30 million to heavily-out-of-pocket unsecured creditors of the former Sir Philip Green empire.
Accountants from Mazars have been appointed to wind up Arcadia’s remaining 21 group companies, which had once included the star brands Topshop and Topman, now owned by ASOS.
HM Revenue & Customs (HMRC) was owed £44 million but was an unsecured creditor (the biggest one on the list), unlike Green’s wife Lady Tina Green. As a secured creditor, she received a payment of £50 million.
Administrator Deloitte, now called Teneo, warned unsecured creditors last week that they would recoup just 10p in every pound that they were owed by the Arcadia group of companies.
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