Suffolk shopping centre placed in to administration

The Guineas Centre shopping centre in Newmarket, Suffolk, is now in the hands of receivers, though individual shops are not affected by the move.

Property consultants Allsop LLP were called in to manage the administration process for the Guineas Centre. They are also working with one associated shopping centre in Worksop and another in Northern Ireland, in a similar capacity.

Jon Gershinon of Allsop said that there is no specific timeframe for the administration proceedings, and that the businesses in the centre are continuing to trade as usual.

The 130,000 sq. ft. centre is managed by London firm Centenary Asset Management on behalf of the owners Forest Health District Council.

A council spokesperson said the “…Council is working with the receivers to protect its interest in The Guineas and we are...keeping a close eye on the situation."

“The performance of the centre and its traders is sound and our town centre manager is working with the other partners to encourage a diverse range of shops to open in Newmarket.”

Work that would have seen the centre extended had to be postponed when the hardships of the recession hit. A Centenary director informed Newmarket councillors that they are still dedicated to the shopping centre and think it could grow by a quarter when consumer spending returns to normal.

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