Irish bank faces £21m hit on Cumbrian shopping centre
CUMBRIAN outlet store destination K Village failed owing the Bank of Ireland £55.3m.
A statement of affairs from the administrators KPMG shows NAMA – the National Asset Management Agency which has taken on bad debt from Irish banks – could recover £34.2m, if a buyer is willing to pay a rate set in a 2011 valuation.
KPMG was appointed to parent company Kendal Riverside in December.
Situated on the site of the former K Shoes factory in the town, K Village was built by North Ireland developer CUSP and opened by its owner Shamus Jennings in July 2010.
The original goal was to create 300 full-time and part-time jobs and attract more than 1.5 million visitors annually.
The development includes a K Shoes heritage centre, while retail tenants include Cotton Traders, Clarks, Whittard, Denby, Cost Coffee, Mountain Warehouse and Pavers Shoes.
Kendal Riverside’s other debts include £3.4m to trade creditors and £8.6m to “related party creditors”. The total exposure is £33.7m.
