By guest author Sahar Nazir from Retail Gazette
- Topshop administrators Deloitte hand wife of Sir Philip Green, Lady Tina Green, a total of £50m
- This comes as pensioners and suppliers face a further wait to recover what they are owed
Topshop administrators have handed wife of former retail tycoon Sir Philip Green, Lady Tina Green, the amount of £50 million.
This comes as pensioners and smaller suppliers face a further wait to recover what they are owed by the collapsed chain.
The Green family’s Aldsworth Equity, incorporated in the British Virgin Islands and controlled by Lady Tina Green, received the payout in May.
The money was lent to Topshop as part of an emergency restructuring in 2019 and secured against a former warehouse in Daventry, in Northamptonshire.
After Arcadia Group went into administration in November, the depot was sold for £83 million, according to new filings from administrators at Deloitte.
It is now being leased by Boohoo, the online retailer that bought Arcadia’s crown jewels.
Deloitte sold Topshop, Topman and Miss Selfridge to Asos and Burton, Wallis and Dorothy Perkins to Boohoo for GBP 355 million earlier this year.
In February, it emerged that Arcadia collapsed with a pension deficit of GBP 510 million.
An update is unlikely until a disposal of Topshop’s former flagship store on Oxford Circus is finalised.
The building, which was pledged as a security to the pension schemes, has a GBP 300 million loan secured against it.
The sale process is currently being run by KPMG.
The pensions schemes have so far received GBP 180 million, while Lady Tina has paid in full a GBP 100 million contribution previously agreed with the pensions watchdog.