Fri, 01 Nov 2013 | ADMINISTRATION
The Diamond Centre, a shopping precinct in County Londonderry, Northern Ireland, has been placed into receivership.
The shopping centre is to remain open while Brian Murphy and Michael Jennings, the administrators at BDO, seek a buyer. All 160 staff are expected to be able to retain their positions.
Its owner Valto has also recently entered receivership after having trouble sorting out its finances. Unforeseen bills had absorbed its £3.6 million operating profits for 2012, leaving it with losses instead. The shopping centre is just one of the company’s portfolio of properties.
Bishopsgate Shopping Centres Ltd, of which the Diamond Centre is a part, has been put into receivership as part of a planned restructuring of the Valto group’s business activities, according to BDO.
A spokesperson for the Diamond Centre said earlier this week: “The Diamond Centre has been trading for 11 years and like most retail has been through difficult times.
“The centre experienced closures outside of its control of UK national stores who had gone into administration.
“The joint administrative receivers are confident that there will be keen market interest in the portfolio.”
The Diamond Centre comprises shops including Sports Direct, New Look, Silver Spirit, and features a view of the River Bann from its top floor food court.
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Related information:
Contact the administrators here
Valto enters administration
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