France-based Mazars to liquidate remnants of Arcadia Group in UK

16 Jul '21

2 min read

Pic: Shutterstock

Paris-based global audit, accounting and consulting group Mazars has been appointed as liquidator to oversee the winding-up process of what remains of Sir Philip Green’s collapsed Arcadia Group empire in the United Kingdom. Mazars will wind up 21 firms that make up the remnants of the group, which had collapsed into administration in December before Asos and Boohoo bought its brands in separate deals.

The liquidation process could take up to a year to complete, according to UK media reports.

Her Majesty's Revenue and Customs (HMRC), a non-ministerial department of the UK Government, is likely to be main the main beneficiary, although it will not receive the full £44 million it is owed.

“Over the coming months our aim is to repay as much as possible of the group’s outstanding unpaid VAT liability,” joint liquidator Adam Harris said.

Administrators to the main holding company of Arcadia Group – the one that went into administration late last year – have already recovered almost £250 million.

This was largely achieved through the £295 million sale of Topshop, Topman Miss Selfridge and HIIT to Asos which enabled the repayment of an intercompany loan.

Meanwhile, Boohoo Group agreed to acquire Burton, Dorothy Perkins and Wallis for £25.2 million.

Fibre2Fashion News Desk (DS)

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