// Mazars audit firm called on to liquidate remnants of Sir Philip Green’s collapsed Arcadia group empire
// The liquidation process could take a year; with HMRC likely to be the primary beneficiary, although it will not receive the full amount owed
// Mazars targets at least £ 30million recovery from business-to-business loan reconciliation
An audit firm has been appointed liquidator to oversee the process of liquidating what remains of Sir Philip Green’s collapsed Arcadia Group empire.
Mazars accountants are set to liquidate 21 companies that make up the remnants of the Arcadia Group, which collapsed under administration in December before Asos and Boohoo stepped in and bought out its brands in separate deals.
Mazars was appointed after a ‘competitive bidding process’ and was tasked with administering the repayment of approximately £ 30million owed to creditors.
HMRC will likely be the primary beneficiary, although it will not receive the full £ 44million owed to it.
Mazars’ liquidation process could take up to a year.
“The liquidation of Arcadia companies is a large and complex undertaking, and our team will draw on their collective experience to maximize returns for creditors, including HMRC,” said co-liquidator Adam Harris.
“Over the next few months, our goal is to reimburse the group’s unpaid VAT as much as possible. “
The news comes just days after Sir Philip Green’s wife Lady Tina Green as secured creditor received the full £ 50million owed to her.
The directors of the Arcadia group’s main holding company – the one which came into administration late last year – have already recovered nearly £ 250million.
This was largely achieved through the £ 295million sale from Topshop, Topman Miss Selfridge and HIIT to Asos which enabled the repayment of a business-to-business loan.
Meanwhile, Boohoo Group has agreed to acquire Burton, Dorothy Perkins and Wallis for £ 25.2million.
The two deals were only for fascia brands and assets, meaning Asos and Boohoo will only mine them online.
The complete list of the remaining companies of the Arcadia group being liquidated by Mazars is:
G Clothing (Holdings)
Design and development of the Arcadia group
Arcadia Holdings Group
Arcadia Group Retail
Arcadia Retail Group
Burton Real Estate Trust
Dorothy Perkins Retail
Matte card services
Properties of Montague Burton
Montague Burton Real Estate Investments
Properties of Redcastle
Taveta Investments (n ° 2)
Top Shop / Top Man (Australia)