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Article

30 Jan 2021

Author:
Sarah Butler, The Guardian

UK: Philip Green's family reported to gain £50m from Topshop sale while over 1,000 suppliers will receive less than 1% of money owed to them

"Philip Green’s family likely to gain £50m from Topshop sale as creditors get 1%", 30 January 2021

Sir Philip Green’s family is likely to receive £50m from the sale of Topshop while more than 1,000 suppliers to the high street fashion chain are set to get less than 1% of the money owed to them.

A report by administrators into the collapse of Topshop and Topman seen by the Guardian reveals that the chains owed at least £51m to 1,155 unsecured creditors, who include clothing suppliers and landlords... Administrators say unsecured creditors of Topshop’s main operating company as well as its property and distribution centre arms are “likely, on present information, to [receive] a distribution of less than 1p in the £1”...

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