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."
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