Green family bags another £2.5m from Topshop after store sale

Philip Green and his family are set to bag a further £2.5m in payouts from the collapsed Topshop empire, on top of the £50m received last year. The Greens, who owned Arcadia Group until it fell into administration in 2020, are in line for the payment based on an £11m loan secured by their Aldsworth Equity group against a former Topshop store in Norwich. The Norwich loan arrangement, which is buried in administrators’ documents, prioritises the Greens’ debt above most other creditors. The 39,000 sq ft Norwich store, which Arcadia bought for £12m in 2016, has been sold for £2.5m, and the Aldsworth fund will receive the proceeds, after costs. The payout comes on top of the repayment of a £50m loan issued by Aldsworth against Topshop’s Daventry warehouse, which was settled in May after the building was sold by administrators. Unsecured creditors to Topshop alone are owed almost £140m. The Guardian