Shopping centre in administration
TWO Yorkshire property businesses owned by a private consortium of Manchester investors have gone into administration.
Hornsea Estates Limited and Hornsea Estates (No. 2) Limited run the 86,000 sq ft Hornsea Freeport factory outlet shopping village in East Yorkshire. It has 43 retail units with tenants including Clarks, Hallmark and Thorntons.
The group of Manchester investors bought the centre from Freeport in March 2005 in a multi-million pound deal.
Manchester law firm Lopian Wagner advised on the deal and was also handling the leases for a number of tenants. For several years the Alderley Edge-based asset manager REALM handled the centre.
The businesses, which employ 22 staff, will continue to trade while administrators seek a buyer.
Dan Butters and Ian Brown, of the accountancy firm Deloitte, were today appointed as joint administrators.
Mr Butters, of Deloitte’s Leeds office, said: “The outlet has suffered as a result of the current economic environment, and is further evidence of the continued pressure being experienced by the retail sector as consumers continue to reign back their spending.
“It is the joint administrators’ intention to continue to operate the outlet, whilst undertaking a marketing process to identify potential interested parties to acquire all or part of the business. We are working with the retail tenants to secure their occupancy for the future.”
