Harvey Nichols owes Victoria Beckham a third of a million pounds
The administrators' filings after the Harvey Nichols rescue put numbers on the wreckage: £270.5 million owed to unsecured creditors, Victoria Beckham owed £353,349, Jimmy Choo £174,201, Canada Goose £565,267, with recovery estimated below 15p in the pound. The assets walked to Frasers; the invoices stayed behind. Every brand selling into a department store is rereading its terms tonight.
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The post, as it ran
01HARVEY NICHOLS OWES VICTORIA BECKHAM A THIRD OF A MILLION
POUNDS. SHE IS EXPECTED TO SEE ALMOST NONE OF IT.
02THE EXACT FIGURE: £353,349, SITTING IN THE ADMINISTRATORS'
FILINGS AFTER THE FRASERS RESCUE, ALONGSIDE £270.5 MILLION OWED
TO UNSECURED CREDITORS. ESTIMATED RECOVERY: UNDER 15P IN THE
POUND.
03THE ROLL-CALL READS LIKE A FRONT ROW. JIMMY CHOO, £174,201.
CANADA GOOSE, £565,267. JO MALONE AND ESTEE LAUDER ON THE LIST
TOO: THE BEST-DRESSED CREDITORS' MEETING IN BRITAIN.
04AND ONE LINE OF PERFECT BUREAUCRATIC COMEDY: THE TAXMAN, UNLIKE
THE DESIGNERS, IS EXPECTED TO BE REPAID IN FULL. HMRC SITS AT THE
FRONT OF THE QUEUE. THE BRANDS HOLD THE COATS.
05THIS IS WHAT A PRE-PACK IS. THE ASSETS WALK TO THE BUYER, THE
DEBTS STAY WITH THE SHELL, AND THE SUPPLIERS FUND THE DIFFERENCE.
A LUXURY RESCUE, PAID FOR BY THE LUXURY BRANDS.
06THE PART TO REMEMBER: EVERY BRAND SELLING INTO A STRUGGLING
DEPARTMENT STORE JUST WATCHED THIS LESSON IN PUBLIC. EXPECT
TIGHTER TERMS ON EVERY CONCESSION IN LONDON BY SPRING.