Arcadia Group companies, which collapsed last November, are all set to be liquidated!
Mazars, an accountancy firm of repute, has been appointed as liquidator to oversee the winding-up of 21 companies of the Group.
The firm was appointed by the company directors after a competitive tender process.
Mazars is targeting a recovery of £30 million owed to creditors. HM Revenue & Customs, which is the largest of the creditors, is in all likelihood the major beneficiary though it will not receive the full amount it owes.
Notably, Dan Butters and Matt Smith, partners at Deloitte, were appointed as administrators of the Group and its subsidiaries (Topshop, Topman, Miss Selfridges, etc.) on 30 November 2020.
The 21 companies to be liquidated are as follows: G Clothing (Holdings), G Fashion, Arcadia Group Design & Development, Arcadia Group Holdings, Arcadia Group Retail, Arcadia Retail Group, Burton Property Trust, Burton Retail, Collier Finance, Dorothy Perkins, Dorothy Perkins Retail, Evans, Matte Card Services, Montague Burton Properties, Montague Burton Property Investments, Redcastle Properties, Redcastle Investments, Taveta Investments (No.2), Taveta Investments, Top Shop/Top Man (Australia) and Wallis (London).
Mazars, reportedly, said that over the coming months it aims to repay as much as possible of Group’s outstanding unpaid VAT liability.