Jul 13, 2021

Liquidators bring down the curtain on Philip Green’s fashion empire

Mazars has been appointed to liquidate the Arcadia group of companies, winding up a fashion empire that helped make Sir Philip Green one of the UK's richest and most flamboyant retail entrepreneurs. It marks an ignominious end for the group that Green acquired for £850m in 2002, and which three years later paid the tycoon's Monaco-based wife a £1.2bn tax-free dividend. According to the administrator's report, just a handful of people are now engaged in winding the group down. The recoveries will improve the position of the pension schemes sufficiently to avoid having to be bailed out by the Pension Protection Fund, according to independent pensions expert John Ralfe. His calculations suggest that payments to date from the sale of assets pledged to the fund under a previous agreement, plus the expected recovery for unsecured creditors and a £50m contribution from Tina Green will reduce the funding deficit to around £240m on a "Buy out" basis.

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