Arcadia continues selling off furniture to raise cash for creditors

Sir Philip Green Arcadia Group
The Greens are expected to receive a £50m payout via the family’s Aldsworth Equity group as secured creditors
// 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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13 COMMENTS

  1. I feel very sorry for Philip Green, he has worked so hard to milk the pension fund, he had to make sure all his assets are in his wife’s name, and it will probably have cost his company a small fortune in legal fees to make sure he is a secured creditor. The guilt must be unbearable as he sunbathes on his wife’s yacht

  2. Philip Green is pur greed, I supplied him clothing for his shops, he paid me so little, I refused to supply him again, I would have made pence instead of pounds with him greedy so and so. Don’t ever call him Sir!

  3. Green should be ” keel hauled,” from the decks of his £100 million yacht. and beg his creditors for forgiveness. .How can he legitimately have £ 50 million coming to to him as a ” secured creditor” when he has loaned money to himself , while owing all the others,£250 million,it stinks and so does he.

  4. Absolute parasite of a man. Left his staff high and dry whilst sunning himself on his yacht. Said he was sorry about staff losing jobs and woul wrote to them all. Surprise surprise they are still waiting. Quote sure he could have given each member of staff 5k from his vast fortune and not missed it. He was shrewd with how he handled the administration build up to enable him to get money back whilst staff cannot even get lieu of notice payments. Even if they do a reduction is taken for job seekers allowance and any staff finding other work lose the lieu notice balance claim

  5. Government are to blame, they in their infinite wisdom leave such gaping holes in our tax and business policies that greedy entrepreneurs like mr Green and others walk through them leaving death and destruction behind them

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