The parent company of the St George’s Shopping Centre has fallen into administration.
It is thought that this is due to the impact of the coronavirus pandemic on trading at the shopping centre.
InfraRed are the owners of the shopping centre and the announcement of administration comes after they defaulted on a loan.
They bought the centre in 2015 for £73m and the purchase was backed by US-based lender Wells Fargo, according to PlaceNorthWest.
On Monday 1 February Alexander Williams and Andrew Dolliver of Ernst & Young LLP were appointed as co-administrators to St George’s.
Mr Williams told Blog Preston: “The administration of the Partnership and the Companies will have no operational impact on St Georges Shopping Centre which continues to trade in compliance with Government Covid regulations on a business as usual basis.”
The Property Managers (Munroe K) and Asset Managers (Sovereign Centros) of the shopping centre remain in their existing roles.
Due to Covid restrictions and the closing of retail many shops have felt the pressure and the UK’s largest shopping centre owner Intu properties went into administration last June.
Boris Johnson is expected to announce a roadmap on Monday 22 February which will include when the retail sector will reopen.
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