// Arcadia sells off furniture and fittings at its distribution and data centres
// The wound up group seeks to raise cash for creditors
// Arcadia Group collapsed in November, owing creditors £800m
Sir Philip Green’s Arcadia Group is continuing to sell off furniture and fittings at its distribution and data centres as it seeks to raise cash for creditors.
The move follows what clearance company Hilco called a “healthy response” to a two-day auction for furniture and equipment at Arcadia’s headquarters in London.
The auction included black lacquer desks and a glass-fronted cocktail cabinet created by Green & Mingarelli Design – the interior design business set up by Green’s wife Lady Tina Green.
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Furnishings from Arcadia’s offices and the boardroom were sold after hundreds of computers, cameras, desks and office chains went under the hammer.
Last week, it was revealed that Arcadia’s executive suite had been put up for sale by Hilco.
Hilco was selling chairs, sofas and desks from the Colegrave House executive suite, as well as other boardroom and meeting room furniture.
Arcadia went into administration in November and it was revealed that the retail group owed creditors £800 million.
It also had a pension deficit of £510 million when it appointed administrators at Deloitte.
Scheme trustees told pensioners in February that £173 million has been secured already to help fund their retirements.
Deloitte have already said unsecured creditors will be mostly left out of pocket.
The Greens are expected to receive a £50 million payout via the family’s Aldsworth Equity group as secured creditors.
Deloitte said that creditors are owed £219 million in total but there were only assets worth £42.4 million available to pay them, meaning they are likely to miss out on £176 million.
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