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Mazars has been appointed as liquidators of Philip Green’s collapsed retail empire Arcadia Group -with the group looking to “repay key creditors”, including HMRC.
Arcadia, which operated numerous high-street brands across the UK and globally, including Topshop, Burton and Dorothy Perkins, fell into administration towards the end of last year, placing 13,000 jobs at risk.
The retail giant had failed to secure urgent funding needed to keep it afloat following the effects of the pandemic.
Mazars was appointed by the directors to oversee the liquidation of 21 companies within the group following a “competitive tender process”.
The group said it now has been tasked with “administering the repayment of approximately £30m to creditors”.
The largest of these creditors is HMRC, which is owed a “substantial” VAT liability across a number of these companies.
Adam Harris and Guy Hollander of Mazars have been appointed as joint liquidators to oversee the process.
Adam Harris, joint liquidator, said: “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.
“Over the coming months our aim is to repay as much as possible of the group’s outstanding unpaid VAT liability.”
Arcadia reportedly fell into administration while owing its creditors £750m. The debts, first reported by the Telegraph, largely comprised Topshop’s gross liabilities of over £550m, with Outfit also owing £80m.
