Maidenhead scheme first to collapse into receivership
Insolvency practitioners BDO have been appointed as receivers to the 200,000-sq ft Nicholsons shopping centre in Maidenhead, and they have brought in CBRE to find a purchaser.
While it is not unusual for troubled centres to trade in administration, this is thought to be the first case of a mall entering receivership since the Global Financial Crisis. The scheme has been managed by Ellandi on behalf of Cheyne Capital, which bought it in March 2015 for a reported £37m. Since then the scheme has lost anchor tenants Next and Argos.
Asset managers APAM calculate that more than 100 UK centres could be at risk of a similar fate if venture capital owners are unable to refinance their loans.