Wed, 19 Feb 2014 | BUSINESS SALE
Cumbrian shopping centre K Village is still on the market, over a year after administrators took control of the business.
KPMG took on the handling of the centre at the start of 2013 after K Village's parent company, Kendal Riverside, failed in 2012 with debts of over £55 million owed to the Bank of Ireland.
The administrators said at the time that they would continue to trade the business and now, 12 months on, they have issued an update stating that they will continue with this approach "while a suitable disposal strategy is determined".
The shopping 'village' was built in 2010 on the site of the former K Shoes factory near Kendal. It has a number of big-name tenants, including Clarks, Denby, Costa Coffee and Whittard. But, its debts are proving problematic.
However, previous statements have suggested that if a buyer can be found to take on the business at a 2011 price, then the National Asset Management Agency could recover around £34.2 million of the company's debt to the bank.
But there are other debts to be dealt with as well; the parent company owes unsecured creditors £12.7 million.
KPMG have had the administration extended, which could create time to find a solution to the debt issues and allow the business to be sold on with a profitable future in sight.
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Related information:
K Village enters administration
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