The trading company behind Rushmere Shopping Centre in Craigavon has gone into administration following a £32.6m loss in 2019, the Belfast Telegraph can reveal.
Administrators from business advisory firm Grant Thornton were appointed to Central Craigavon Ltd in the High Court in Belfast on April 7. A notice of their appointment has now been filed with Companies House.
Grant Thornton confirmed their appointment in a statement, adding that they have also been appointed as administrators to its sister company, Moyallen Properties Ltd, which owns Magowan West Shopping Centre in Portadown.
Related companies, Moyallen Woking and Peacocks Centre, which own and operate the Peacocks Centre in Woking, were placed into administration on the same date. They are all part of the Moyallen Holdings group.
David Warnock and Stephen Tennant of Grant Thornton are the joint administrators.
Stephen Cave, head of restructuring at Grant Thornton in Northern Ireland, said: “Our immediate priority has been to ensure the shopping centres continue to trade as normal under the ultimate control of the administrators, with no operational impact for tenants or shoppers.
"We have and will continue to liaise with key stakeholders, as we manage the position and consider future options.
“Whilst shopping centre retail inevitably suffered during the pandemic, it is great to see strong footfall levels back across the centres, and we are delighted that works are now under way for the exciting addition of Primark to Rushmere later in the year, to enhance and complement existing retailer offerings.”
Tenants of Rushmere were informed of the appointment of administrators in a letter dated April 12, which has been seen by the Belfast Telegraph.
It reads: “As a result of the company entering administration, the affairs, business and property of the company are now managed by the joint administrators, who act as agents of the company, without personal liability.
"Please note that Rushmere Shopping Centre will continue to be run as normal and all rents and service charges should continue to be paid to the current managing agent, Osborne King.”
Rushmere Shopping Centre has been asked for comment.
Central Craigavon company accounts for 2019 were filed in June 2021 and record a loss of £32.6m, compared to a loss of £8m in 2018. Moyallen Properties suffered a loss of £1.5m.
Group company Moyallen Holdings Ltd made a loss of £93m in 2019, compared to a profit of £7m in 2018.
A notice recording that the registered office of Central Craigavon Ltd has now been changed to the offices of Grant Thornton at Donegall Square West in Belfast has also been filed at Companies House.
Paul Hearn, John Robinson and Peter Robinson are listed as active directors of both companies.
Tenants of Rushmere include Nando’s, Starbucks, McDonald’s, Costa Coffee, Dunnes and TK Maxx. However, it has lost former anchor tenants Debenhams and Sainsbury’s.