Philip Green and family could receive up to £2.5m payout from former Topshop store
Philip Green and his family could receive up to £2.5m in payouts from the sale of a former Topshop store in Norwich, according to The Guardian.
The documents, which were sent to Topshop's creditors, showed that a 39,000 sq ft store in Norwich bought for £12 million by Arcadia in 2016, had now been sold for £2.5m and would be paid out to the Green's Aldsworth Equity group, minus costs.
The payments are based on an £11 million loan secured by the Aldsworth Equity group against the Norwich store, with loan arrangements prioritising the Greens' debt over those of other creditors.
This latest payout comes on top of the repayment of a £50m loan that was also issued by Aldsworth against a Daventry warehouse after it was sold to administrators in May last year.
The administration of Topshop caused 162 sites to close down, as well as a £500 million plus pension scheme deficit and thousands of job losses.