// Auditing firm Mazars brought in to liquidate remains of Sir Philip Green’s collapsed Arcadia Group empire
// The liquidation process could take a year; with HMRC likely to be the main beneficiary, although it won’t receive the full amount owed
// Mazars targets a recovery of at least £30m from reconciling inter-company loans
An auditing firm has been appointed as liquidator to oversee the winding-up process of what remains of Sir Philip Green’s collapsed Arcadia Group empire.
Accountants from Mazars are set to wind up 21 firms that make up the remnants of the Arcadia Group, which had collapsed into administration in December before Asos and Boohoo swooped in and bought its brands in separate deals.
Mazars was appointed following a “competitive tender process” and has been tasked with administering the repayment of around £30 million owed to creditors.
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The HMRC is likely to be main the main beneficiary, although it will not receive the full £44 million it is owed.
Mazars’ liquidation process could take up to a year to complete.
“The liquidation of the Arcadia companies is a large and complex undertaking, and our team will draw on its collective experience to maximise returns for creditors, including HMRC,” joint liquidator Adam Harris said.
“Over the coming months our aim is to repay as much as possible of the group’s outstanding unpaid VAT liability.”
The news comes just days after it emerged Sir Philip Green’s wife Lady Tina Green, as a secured creditor, received the £50 million she was owed in full.
Administrators to the main holding company of Arcadia Group – the one that went into administration late last year – have already recovered almost £250 million.
This was largely achieved through the £295 million sale of Topshop, Topman Miss Selfridge and HIIT to Asos which enabled the repayment of an intercompany loan.
Meanwhile, Boohoo Group agreed to acquire Burton, Dorothy Perkins and Wallis for £25.2 million.
Both deals only pertained to the fascia’s brands and assets, meaning Asos and Boohoo will operate them online only.
The full list of the remaining Arcadia Group companies being liquidated by Mazars are:
G Clothing (Holdings)
G Fashion
Arcadia Group Design & Development
Arcadia Group Holdings
Arcadia Group Retail
Arcadia Retail Group
Burton Property Trust
Burton Retail
Collier Finance
Dorothy Perkins
Dorothy Perkins Retail
Evans
Matte Card Services
Montague Burton Properties
Montague Burton Property Investments
Redcastle Properties
Redcastle Investments
Taveta Investments (No.2)
Taveta Investments
Top Shop/Top Man (Australia)
Wallis (London)
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