Insolvency for Modus’ Blackpool business

ANOTHER Modus business has gone into administration.

The latest insolvency affects the Salford-based company’s Houndshill Shopping Centre in Blackpool.

Last week the umbrella company Modus Ventures was forced into administration after defaulting on its loan payments to HBoS. There are in total 47 companies linked to Modus Ventures.

The Modus empire began to unravel on May 18th with the administration of Modus Properties (Wigan) – which operates the town’s Grand Arcade shopping centre.

Modus is owned by entrepreneur Brendan Flood, majority shareholder of newly-promoted Burnley Football Club.

The Blackpool insolvency involves Modus Corovest (Blackpool) Ltd. Mark Firmin and Myles Halley from KPMG Restructuring have been appointed joint administrators.

Mark Firmin commented, “The centre will continue to trade whilst the joint administrators review the situation and develop a strategy that is appropriate for this particular site. No impact on customers or tenants is anticipated.”

A £30m extension to Houndshill opened last autumn, anchored by a new Debenhams store.