Lady Tina Green paid £50m by Arcadia administrators
Lady Tina Green, wife of Sir Philip Green, has received a £50m payment from the administrators of the collapsed Arcadia Group.
According to a report in The Telegraph, Lady Tina received the payout in May via the Green family's Aldsworth Equity fund, which she controls.
The payment relates to £50m paid into Arcadia in 2019 as a form of emergency funding before the collapse of the business at the end of last year. The loan was secured against the fashion retail group's former logistics operation in Daventry. Boohoo Group has now taken over the lease on the Daventry operation, so the payment to Lady Tina had been expected.
Lady Tina had been the official owner of Taveta Investments, which was the ultimate owner of the Arcadia Group. She has already paid £100m into the Acadia pension fund, as agreed, but the pension fund still has a large deficit and members are waiting to see if enough money to fill it has been recovered from the sale of the group's assets.
The deficit totalled £510m and £180m has already been paid into it. Further funds secured from the sale of the Topshop flagship building at 314 Oxford Street will also go into the pension. The site has been marketed for around £420m but carries a loan against it of around £300m. The sale of the building is being handled by administrators at KPMG.
Deloitte handled the sale of the Arcadia brands and other assets. ASOS landed the prime assets of Topshop and Miss Selfridge paying £265m for the brands, IP and taking on some staff, though all of the stores were closed. It paid a further £65m for stock in hand and in progress.
Boohoo picked up Wallis, Dorothy Perkins and Burton for £25m but again bought the brands only and none of the stores. Australian Group City Chic Collective paid £23m for the Evans brand.
Other assets, including office IT equipment, sampling machines and even a suite of office furniture designed for Sir Philip by Lady Tina, have all been sold off.