The family of Sir Philip Green are in line to pocket £50m from the sale of Topshop, as 10,000 Arcadia pension fund members face a haircut on their savings after his empire collapsed last month.
Administrators from Deloitte are auctioning Arcadia’s brands, which also include Miss Selfridge and Burton. With an estimated value of at least £200m, Topshop is easily the most valuable component.
Aldsworth Equity, incorporated in the British Virgin Islands and controlled by Green’s wife Tina, lent £50m to Topshop in March last year, secured against its state-of-the-art warehouse in Daventry, Northamptonshire, which is owned by the Topshop/Topman operating company.
Secured creditors get paid first. Just what is capitalism coming to?