14th July 2021
Auditing firm Mazars have been appointed to liquidate the remains of Sir Philip Green’s collapsed Arcadia Group empire as the winding up process is underway. The process could take up to one year.
It is likely that HMRC will benefit the most, but this does not mean it will receive the full £44m it is owed.
Retail Gazette report more.
19 February 2021
Some outcomes of Arcadias collapse have been revealed:
- Creditors were owed £800m when administrators, Deloitte, were called in - it is likely creditors will only receive a small portion of that owed
- The group had a pension deficit of £510m at the time of its collapse
8 February 2021
Boohoo purchase three brands of Sir Philip Green's Arcadia empire following ASOS's deal to purchase Topshop, Topman and Miss Selfridge last week.
The £25.2m deal includes all the stock, digital and e-commerce assets of Dorothy Perkins, Wallis and Burton. The result is a loss of almost 2,500 jobs and a move for the brands to have an online-only future since administrators Deloitte confirmed the brands' retail stores, concessions or franchises (214 in total) are not included.
1 February 2021
ASOS seal a deal worth £330m, for Arcadia brands; Topshop, Topman and Miss Selfridge and athleisure brand HIIT. Their stock which is currently held and on order has been purchased but the brands' network of 70 stores were not included in the deal. Around 300 employees have transferred to the new owners but for those 2500 jobs reamining, the future looks bleak.
The deal is expected to be closed on 4 February 2021.
28 January 2021
It is rumoured that Boohoo Group are in advanced talks with administrators about acquiring the remaining brands of Sir Philip Green's struggling Arcadia Group.
The negotiation is over snapping up Burton, Dorothy Perkins and Wallis.
This is not a confirmed deal and other parties do remain interested.
23 January 2021
Online fashion retailer, ASOS, has been uncovered as the surprise frontrunner in buying Topshop from administrators of retail tycoon, Sir Philip Green's former high street empire.
It is heard that ASOS offered to buy the brand for more than £250m and although insiders say no talks are heard on ASOS buying Topshop stores, it is thought it is keen to acquire Miss Selfridge alongside Topshop and Topman.
21 January 2021
A consortium involving Next and Davidson Kempner Capital Management has removed itself from the auction of Topshop and Topman.
This comes as it fails to match the value of the rival bids.
The consortiums withdrawal clears the path for Shein, the Chinese online fashion retailer, to buy the brands. It is heard Shein have offered over £300m for both Topshop and Topman.
Other bidders include Boohoo, Asos and Authentic Brands Group, which is working with JD Sports Fashion.
13 January 2021
It is heard that Authentic Brands are in early-stage discussions with JD Sports about joining up to become a powerful contender in the running to buy Topshop’s operations, from the administrators of Arcadia Group, so long its bid is successful.
Authentic also own Forever 21 and Barneys – the famous New York department store.
Sir Philip Greens collapsed Arcadia Group is being handled by administrators Deloitte who are trying to secure deals for as many of the groups assets as possible in the coming weeks.
So far, we have heard of bids from Boohoo Group, Mike Ashley’s Frasers Group and a combined offer from Next and Davidson Kempner Capital Management, thought to be so far the leading offer.
Womenswear brand Evans has been sold to City Chic, with other parties eyeing up other brands of the group including Miss Selfridge and Dorothy Perkins. It is thought that Evans, Wallis and Outfit are seeming less likely to attract bidders.