Deadline looms for final sale of Arcadia assets, including its brand name
Bidders have until 4pm tomorrow (Wednesday 26 May) to lodge their offers for the remaining assets from Sir Philip Green's collapsed Arcadia fashion empire, including its brand name.
Hilco Valuation Services is offering for sale the Arcadia brand IP and domain name along with those of the group's former multibrand business Outfit.
Arcadia's fashion brand names and IP for Topshop, Topman, Miss Selfridge, Wallis, Burton, Dorothy Perkins and Evans, were divided up between ASOS, Boohoo and City Chic Collective. None of the buyers acquired any of the stores.
Topshop's flagship store on London's Oxford Street is on the market for £420m as part of a separate administration process of Arcadia's property arm, which is being handled by KPMG. It is believed that IKEA is the front-runner to take over the lease of the store but there has been substantial interest from many parties.
Hilco expects the Arcadia name will also attract strong interest. Hilco Streambank, managing director, Nat Baldwin said: “The Arcadia name is instantly and internationally recognisable.
“Before it entered into Administration in November last year, it had been a retail and fashion empire of unprecedented size and scope.
“Its brands were household names across the UK and internationally and it is anticipated that the sale will generate a remarkable amount of interest from domestic and global enterprises.”
A separate auction is also underway in Milton Keynes today and tomorrow to auction off the remaining contents of Arcadia's London HQ and its former distribution centre, including televisions, computers, waste compacters and walkie talkies. Much of the contents of its London HQ, including bespoke furniture designed by Lady Tina Green, has already been sold.
As well as acquiring the Wallis, Burton and Dorothy Perkins brands, Boohoo also secured Arcadia's former distribution centre in Daventry.
Arcadia collapsed at the end of November 2020 having failed to secure further funds to see it through the third lockdown of the pandemic.
Image: Tim Goode/PA Wire