KPMG fined £13m over private equity sale of Silentnight
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KPMG fined £13m over private equity sale of Silentnight
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Last modified on Sun 14 Feb 2021 10.27 EST
Thousands of workers saving pensions at Sir Philip Green’s Arcadia Group have been offered fresh hope they will recover more from their savings than feared following the sale of property assets at the tycoon’s collapsed company.
Sources said the Arcadia scheme is on course to remain independent of the pensions lifeboat – which protects people with a defined benefit pension when an employer becomes insolvent, but at a reduced level – after trustees said they had realised £173m via the sale of assets since the company failed.
The proceeds are understood to stem from the sale of Arcadia’s Topshop brand to Asos by administrators and a number of property sales. Arcadia’s pension scheme was given security over £210m of assets including the proceeds of the sale of Topshop or its London flagship store as well as other assets under a deal between the Green family, the trustees and the pensions regulator.