Topshop, Topman creditors owed 176 million pounds

Topshop and Topman creditors are reportedly facing losses of 176 million pounds following the collapse of Arcadia late last year, more than double the amount administrators previously estimated.

Overseas suppliers and property owners are among those hardest-hit, while gift card holders are 4.5 million pounds out of pocket, according to documents due to be published on Companies House in the coming days and seen by The Telegraph.

Creditors are owed 219 million pounds in total but there are only 42.4 million pounds of assets available to pay them, meaning they are likely to miss out on 176 million pounds.

That figure is considerably higher than an estimate made in November by administrators at Deloitte that 82.2 million pounds was owed to creditors when Arcadia fell into administration. Deloitte did, however, warn at the time that the true amount would likely be much higher.

At the beginning of February, Asos acquired Topshop, Topman, Miss Selfridge and activewear brand HIIT.

Photo credit: FashionUnited