Collapse of Sir Philip Green’s Arcadia empire leaves taxpayers with a multi-million-pound bill
Taxpayers will be hit with a multi-million-pound bill from the collapse of Sir Philip Green’s Arcadia empire.
The company behind Topshop went into administration in December resulting in more than 10,000 job losses.
Liquidators yesterday said they will return just £30million to creditors after the sale of Arcadia’s assets, suggesting that HM Revenue & Customs will recoup a fraction of the £44million it is owed.
While HM Revenue & Customs will recoup a fraction of the £44m it is owed, Lady Tina Green (pictured with her husband), as a secured creditor, received the £50m she was owed in full
Arcadia went into administration hours before a change in the law that would have bumped the Treasury up above other unsecured creditors.
Administrators Deloitte had said unsecured creditors would only receive 10p in every £1 owed.
It came days after it emerged Lady Tina Green, as a secured creditor, received the £50million she was owed in full.
Accountants from Mazars will also now wind up 21 firms that make up the rump of the Arcadia group, including Topshop, Burton and Dorothy Perkins.
Adam Harris, joint liquidator, said: ‘The liquidation is a large and complex undertaking.
‘Our team will draw on its collective experience to maximise returns for creditors, including HMRC.’