Three months after administrators were appointed, uncertainty lingers over K Village shopping complex (From The Westmorland Gazette)
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Three months after administrators were appointed, uncertainty lingers over K Village shopping complex
11:48am Tuesday 9th April 2013 in Business
THE future of Kendal’s K Village complex remains unclear more than three months after its owners went into administration.
John Hansen, joint administrator with KPMG, said the shopping centre, office space and 90 apartments which make up the Lound Road venue had still not been put up for sale.
Instead, he said, a drive to promote them would take place with K Village staff.
“We are working with the team which is there and we’ll be formulating a strategy over the coming months. We are still assessing the assets,” Mr Hansen told the Gazette.
He explained that there had been ‘regular inquiries’ about the complex but declined to comment on whether any big-name retailers had expressed any interest in the property.
KPMG were appointed administrators of Kendal Riverside Ltd on December 28 and the firm’s directors estimate the company’s debts total more than £68 million.
This consists of £55.3 million to the Bank of Ireland and a further £12.8 million to unsecured creditors, including an outstanding £178,508 to South Lakeland District Council.
Built on the site of the former K Shoes factory, K Village was one of just two retail complexes to open in the UK in 2010.
Bosses had hoped to attract 1.5 million visitors to the site each year, but struggled to fill all its retail units.
And it is understood as few as two apartments have been sold.
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