// Philip Green and his family are poised to receive up to £2.5m in payouts from their former Arcadia empire
// Green owned Arcadia Group until it fell into administration in 2020
// The 39,000sq ft Topshop store in Norwich has been sold for £2.5m
Philip Green is expected to receive up to £2.5 million more in payouts from his former Arcadia empire on top of the £50 million paid out last year.
Green and his family owned Arcadia Group until it fell into administration in 2020, and are poised to receive the payment based on an £11 million loan secured by their Aldsworth Equity group against a former Topshop store in Norwich.
The administration led to thousands of job losses as 162 sites closed down, as well as a £500 million plus pension scheme deficit.
READ MORE: Ikea to move into Topshop’s former Oxford Street flagship in 2023
The Norwich loan arrangement prioritises the Greens’ debt above most other creditors.
The payout comes on top of the repayment of a £50 million loan issued by Aldsworth against Topshop’s Daventry warehouse which was settled in May after the building was sold by administrators.
Administrators said the 39,000sq ft Norwich store, which Arcadia bought for £12 million in 2016, has been sold for £2.5 million, and the Aldsworth fund will receive the proceeds, after costs.
Meanwhile, unsecured creditors to Topshop alone are owed almost £140 million.
Around of £36 million of that money is to to be repaid after the sale of the group’s assets including the Topshop brand and stock to online specialist Asos, but most creditors will not be paid in full.
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