Philip Green could earn £ 2.5million from former Topshop branch | Philippe Green

Sir Philip Green and his family are set to receive up to £ 2.5million more from their former Topshop retail empire in addition to the £ 50million donated last year.

The Greens, who owned the Arcadia group until it came under administration in 2020, are awaiting payment on the basis of a £ 11million loan guaranteed by their Aldsworth Equity group against a former Topshop store in Norwich.

The collapse of the group resulted in the loss of thousands of jobs with the closure of 162 sites and a pension plan deficit of over £ 500million.

The Norwich loan deal, which is buried in administrators’ documents, prioritizes the debt of the Greens over most other creditors.

The payment is in addition to a repayment of a £ 50million loan issued by Aldsworth against Topshop’s Daventry warehouse which was settled in May after the building was sold by the trustees.

In a new report sent to Topshop’s creditors and seen by The Guardian, directors say the 39,000 square foot Norwich store, which Arcadia bought for £ 12million in 2016, was sold for 2.5million of pounds sterling and that the Aldsworth Fund will receive the proceeds, after charges.

The directors ‘latest report on the Greens’ retail empire showed Topshop’s unsecured creditors alone owed nearly £ 140million.

At least £ 36million of that money is expected to be repaid after the sale of the group’s assets, including the Topshop brand and the shares to online specialist Asos, but most creditors will not be paid in full.

It has previously appeared that more than 1,000 suppliers in the group are likely to get less than 1% of the money owed to them.

In total, Arcadia Group Ltd, the parent company of Topshop, Dorothy Perkins, Burton and Miss Selfridge, owed creditors £ 800million when it appealed to the directors, according to a statement on the group’s financial affairs prepared by the board. administration of Arcadia in 2021.

The Guardian revealed last year that Arcadia Group had a pension deficit of £ 510million when it collapsed. The plan’s trustees have so far received £ 185million from the sale of Arcadia’s assets as part of the £ 210million of guaranteed funds agreed to as part of a 2019 agreement between the body of pension regulations and the Green family.

The family, which received a £ 1.2bn dividend from Arcadia in 2005, as well as more than £ 300m in interest payments on loans and rents from properties they owned, invested £ 100million in the group’s pension as part of the deal. .

The pension scheme is expected to receive more funds after the sale of Topshop’s long lease of its former flagship store on Oxford Street in London is finalized to the parent group of furniture retailer Ikea.

The scheme is poised to remain independent of the industry-backed pension lifeboat, which caps future payments to savers. Arcadia administrators believe that despite the £ 510million deficit, there will be enough funds to pay more than the pensions lifeboat can offer.

The Green family declined to comment.