Hammerson has taken over The Rock shopping centre development in Bury, Lancashire after its previous developer Thornfield Ventures Limited (TVL) went into administration earlier this week.
Phil Bowers and Angus Martin of Deloitte, the business advisory firm, have been appointed Joint Administrators to TVL, a non-trading holding company within the Thornfield Capital Limited group of companies.
Administrators have not been appointed for the Thornfield Bury companies, nor any Thornfield Capital Limited group company (including Thornfield Properties Plc, the group’s main operating company), other than TVL.
Completion of the group’s principal development asset - The Rock - will be managed by Hammerson. A spokesperson confirmed that the scheme, which is currently under construction, is due to open in the autumn as planned.
Phil Bowers, partner in the Reorganisation Services practice at Deloitte, comments: “We are working closely with all stakeholders to support the completion of Bury and maximise the potential of the other development schemes.
"It has been agreed by all parties that Hammerson, a leading European development and asset management partner has been appointed to deliver the completion and opening of Bury and will also be supporting the Joint Administrators in evaluating the other schemes in the portfolio.”
- Realm to operate London Designer Outlet
- CBRE boosts UK retail management division
- Charles Miller quits JLL for NewRiver
- Plaudits for Portas
- Meadowhall opens its doors to young enterprise
- Four new deals for Buchanan Street development
- Urban Outfitters chooses Meadowhall
- New baby changing facilities at Braehead
- Planning permission granted for Charter Walk...
- LGP unveils plans for new phase in Hounslow
