Scotland’s largest indoor shopping centre collapses into administration weeks before Christmas
SCOTLAND’S largest shopping centre has collapsed into administration just weeks before Christmas.
The owner of EK, in East Kilbride, South Lanarkshire, has become insolvent, appointing administrators on Wednesday.
The administrators from Interpath Advisory said the centre would remain open.
They added that all day-to-day operations would “continue unaffected by the administration process”.
A statement on the shopping centre’s website said:
“Alistair McAlinden and Blair Nimmo were appointed as Joint Administrators of Sapphire 15 s.a.r.l. and Sapphire 16 s.a.r.l. (the companies) on 16 November 2022.
“The companies continue to trade as East Kilbride Shopping Centre and Reith Lambert continue to act as managing agents.
“The Joint Administrators act without personal liability.”
EK is described as “the largest undercover shopping and leisure destination in Scotland”.
It boasts over 150 shops, several restaurants, an Odeon cinema and an ice rink.
Interpath Advisory said that they will work with key stakeholders and advisors over the coming months to “take steps to enhance the centre and consider the appropriate time to bring to the market”.
Interpath chief executive Blair Nimmo said: “While the challenges facing the UK retail sector are well known, the East Kilbride Shopping Centre has remained a popular shopping and leisure destination, and continues to attract well-known names including the likes of Matalan which opened its new store earlier this month.”
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Joint administrator Alistair McAlinden added: “As we enter the important festive trading period, our priority is to consider the most appropriate strategy to preserve value in this important retail destination.”
Earlier we told how jobs were at risk as a fashion retailer is set to appoint administrators.
Clothing and homeware group Joules, which has 132 stores, has failed to secure extra funds following talks with potential investors.
The retailer has branches in Edinburgh, Braehead, Perth, Oban, Stirling, St Andrews, Inverness and Aberdeen.
A spokesperson for Joules said: “The board is taking this action to protect the interests of its creditors.”
It will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made “in due course”.
It had been struggling in the wake of rising costs and earlier this year Next was in talks to snap up a stake in the brand, but the deal did not go through.
We also told how Marks & Spencer announced plans to shelve dozens of stores over the next five years as part of a national shake-up.
The struggling chain said it plans to close a further 67 stores that have “lower productivity”.
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