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Tina Green paid £50m by Topshop administrators

·2-min read
Sir Philip Green, Lady Tina and their daughter
Sir Philip Green, Lady Tina and their daughter

Lady Tina Green, wife of the former retail tycoon Sir Philip, has been handed £50m by Topshop’s administrators, even as pensioners and smaller suppliers face a further wait to recover what they are owed by the collapsed chain.

The Green family’s Aldsworth Equity, incorporated in the British Virgin Islands and controlled by Lady Tina Green, received the payout in May.

The money was lent to Topshop as part of an emergency restructuring in 2019 and secured against a former warehouse in Daventry, in Northamptonshire.

Following the collapse in November of Arcadia, Topshop's parent company, the depot was sold for £83m, according to new filings from administrators at Deloitte. It is now being leased by Boohoo, the online heir to Topshop's fast-fashion crown.

The repayment to Lady Tina has been made as uncertainty persists for Arcadia’s pensioners, who are still waiting to find out if enough cash has been recovered from the sale of assets to avoid the schemes needing rescue by the Pension Protection Fund.

In February, it emerged that Arcadia collapsed with a pension deficit of £510m. An update is unlikely until a disposal of Topshop's former flagship store on Oxford Circus is finalised, sources said.

The building, which was pledged as a security to the pension schemes, has a £300m loan secured against it. However, it is thought to be worth more than £400m, with the difference expected to go towards pensions. The sale process is being run by KPMG.

The pensions schemes have so far received £180m, while Lady Tina has paid in full a £100m contribution previously agreed with the pensions watchdog.

Meanwhile, hundreds of unsecured creditors are likely to only get a small proportion of what is owed to them from the administration process. Arcadia collapsed owing creditors £800m.

Deloitte sold Topshop, Topman and Miss Selfridge to Asos and Burton, Wallis and Dorothy Perkins to Boohoo for £355m earlier this year.

Insolvency specialists estimated their fees would go up from £5m to £12m as they worked through a complex network of subsidiaries for the group.

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