The administrators of Philip Green’s collapsed Arcadia have appointed liquidators to wind up the companies, marking the end of an era for the tycoon’s once-booming retail empire.
Arcadia operated a number of high street brands across the UK and globally, including Topshop, Burton and Dorothy Perkins, and employed over 13,000 people at its peak.
The majority of the group collapsed into administration in November last year as Covid lockdowns dealt a final blow to the struggling business.
Administrators have now appointed Mazars to oversee the liquidation of 21 companies within the group.
It has been tasked with repaying roughly £30m to creditors, the largest of which is HMRC, which is owed a substantial VAT bill across a number of the group’s companies.
It comes after Lady Green — a secured creditor to Topshop — was granted £50m from the remains of her husband’s retail empire.
Administrators from Deloitte have been selling off assets including property and hundreds of thousands of pounds worth of furniture in an effort to raise cash to repay creditors.
Despite this, unsecured creditors are expected to claw back only a fraction of the total amount owed.
“The liquidation of the Arcadia companies is a large and complex undertaking, and our team will draw on its collective experience to maximise returns for creditors, including HMRC,” said joint liquidator Adam Harris.
“Over the coming months our aim is to repay as much as possible of the group’s outstanding unpaid VAT liability.”