Feb 18, 2021
Download the article
Click here to print
Text size
aA+ aA-

Topshop and Topman creditors now owed £176m - report

Feb 18, 2021

As expected, creditor losses against Topshop and Topman’s failure have ballooned. The total has now risen to £176 million as the Arcadia empire is finally wound up. That’s more than double the initial estimate of £82.2m owed to creditors when the business collapsed in November. But at the time, administrator Deloitte warned the figure would be much higher.

Photo: Nigel Taylor

Filings, soon to be published at Companies House and seen by The Telegraph, show that creditors are owed £219m in total. Stripping out the £42.4 million of assets available to pay them, the total will be around £176 million. 

Overseas suppliers and property owners are among the hardest-hit businesses. Meanwhile gift card holders are down to the tune of around £4.5 million. At the lower end of the creditor list is Kate Moss’s talent agency, which is owed £1,000, the latest documents show.

The Topshop and Topman brands and stock were sold to ASOS earlier this month, alongside the Miss Selfridge and HIIT brands, in a £300 million deal. However, the stores were not included in the sale. 

Meanwhile, it has also emerged that the Green family is likely to receive funds from the sale of Topshop as secured creditors through a company called Aldsworth Equity.

It's owed £50m linked to an interest-free loan made to the group two years ago and is in line to be paid before any funds are shared with suppliers, landlords and the taxman. 

Copyright © 2023 FashionNetwork.com All rights reserved.