A recently released report has indicated that the total amount owed to creditors in the wake of the collapse of popular brands Topshop and Topman is a staggering £176 million. This figure has more than doubled from the initial estimate of £82.2 million that was reported last November when the businesses failed. Unfortunately, it is expected that the final amount owed will be even higher than anticipated, as administrator Deloitte had warned previously.

Documents, soon to be published at Companies House and seen by The Telegraph, outline that creditors are in fact owed a grand total of £219 million. However, once the £42.4 million of available assets to pay these creditors has been deducted, the final sum comes to approximately £176 million. It is evident that multiple parties have suffered significant losses due to the brand’s failure, particularly overseas suppliers and property owners. Gift card holders have also been affected, with an estimated total loss of £4.5 million.

Interestingly, famous supermodel Kate Moss’s talent agency finds itself near the bottom of the list of creditors, and it is owed a relatively small sum of £1,000 as outlined in the latest documents.

Earlier this month, online retailer ASOS purchased the Topshop and Topman brands and stock, along with the Miss Selfridge and HIIT brands, in a deal worth £300 million. Regrettably, the physical stores were not part of this sale.

In a recent revelation, it has become apparent that the Green family, who are the owners of the Arcadia empire, are likely to receive funds from the sale of Topshop. Through a company named Aldsworth Equity, the Green family is considered a secured creditor and is owed £50 million. This sum is linked to an interest-free loan provided to the group two years ago. It is expected that the Green family will be paid ahead of suppliers, landlords, and the taxman.

Useful links:
Topshop administrators, Deloitte, expand operation
Topshop and Topman bought in £330m Asos deal