Sapphire Retail goes into administration
Published: 26 August, 2010
Three shopping centres owned by the Reuben Brothers and Lloyds Banking Group have gone into administration.
The Harvey Centre in Harlow, Essex; the Queen’s Arcade in Cardiff; and Charter Walk in Burnley, Lancashire, were forced into administration after the joint venture failed to agree on how debts should be managed.
The portfolio is now thought to be worth around half the £300m it was reportedly worth at the peak of the market.
Grant Thornton has been appointed as administrator to the Sapphire Retail Fund and its subsidiaries.
All three shopping centres will continue to trade normally.
