Mon, 21 Nov 2022 | ADMINISTRATION
Scotland’s largest undercover shopping and leisure centre will be put up for sale after its owners fell into administration. The East Kilbride Shopping Centre spans 1.2 million sq ft of retail space and features more than 150 shops, as well as restaurants, a cinema and ice rink.
Blair Nimmo and Alistair McAlinden of Interpath Advisory were appointed as joint administrators last week following the collapse of the shopping centre’s owners, Sapphire 15 Sarl and Sapphire 16 Sarl (known together as Sapphire).
With consumer sentiment being hit by the cost-of-living crisis and businesses throughout the retail sector struggling with rising input prices, Sapphire had reportedly endured a period of difficult trading.
The joint administrators say that the shopping centre will remain open and continue to trade, with day-to-day operations unaffected by the administration process. The centre will remain under the control of property manager Reith Lambert, while Scoop AM has been appointed as asset manager.
The administrators added that they would now work with key stakeholders and advisers in an effort to enhance the centre, before bringing it to market at the appropriate time.
Interpath Advisory Chief Executive and joint administrator Blair Nimmo commented: "While the challenges facing the UK retail sector are well known, the East Kilbride Shopping Centre has remained a popular shopping and leisure destination, and continues to attract well-known names including the likes of Matalan which opened its new store earlier this month."
Fellow joint administrator Alistair McAlinden added: "As we enter the important festive trading period, our priority is to consider the most appropriate strategy to preserve value in this important retail destination."
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
This is an exciting opportunity to acquire a well-established domestic appliance and parts retailer in the West Midlands, bolstered by strong ecommerce sales.
LEASEHOLD
This business presents a robust opportunity with an established client base across multiple sectors and a strong management team.
LEASEHOLD
An exciting opportunity has arisen to acquire the assets of a renowned artisan bakery specialist, celebrated for their handcrafted products.
LEASEHOLD
01
|
May
|
McCann and Partners undergoes an MBO | MBO/MBI
A team of five directors at South Wales engineering and buil...
30
|
Apr
|
Human Magic conjures up Australian acquisition | BUSINESS SALE
Liverpool-based employer brand agency, which is behind creat...
30
|
Apr
|
LRG makes its biggest acquisition ever with Chancellors move | BUSINESS SALE
Property services firm Leaders Romans Group (LRG) has made i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.