// Topshop and Topman suppliers heavily affected by demise of Arcadia
// Creditors are owed £219m in total but there are only £42.4m of assets available to pay them
// Administrator Deloitte had estimated in November that £82.2m was owed to creditors
Topshop and Topman creditors are facing losses of £176 million as Sir Philip Green’s Arcadia Group is wound up.
Suppliers based in countries such as China and Turkey and property owners are hit the hardest by the demise of the fashion empire.
Creditors are owed £219 million in total but there are only £42.4 million of assets available to pay them – which means they are likely to miss out on £176 million.
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Gift card holders have also been left £4.5 million out of pocket.
Administrator Deloitte had previously estimated in November that £82.2 million was owed to creditors when Arcadia collapsed.
Meanwhile, supermodel Kate Moss’s talent agency is owed £1000. Moss was one of the first celebrities to launch her own brand at Topshop.
Earlier this month, Topshop, Topman, and Miss Selfridge were sold off to online specialist Asos, while Wallis, Burton and Dorothy Perkins were sold to Boohoo – but stores were not part of the deal.
Hopes are rising that the company’s pension deficit could be closed after the schemes’ trustees received £173 million in cash from a previous agreement it made with the help of the pension regulator.
Nevertheless, it has emerged that the Green family is likely to receive funds from the sale of Topshop as a secured creditors through a company called Aldsworth Equity.
It is owed £50 million relating to an interest-free loan made to the group two years ago and is likely to be paid before any funds are shared with suppliers, landlords and the taxman.
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