Three months after administrators were appointed, uncertainty lingers over K Village shopping complex

Three months after administrators were appointed, uncertainty lingers over K Village shopping complex

Three months after administrators were appointed, uncertainty lingers over K Village shopping complex

First published 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.

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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.

Comments (4)

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7:11pm Tue 9 Apr 13

Moonbase says...

That's good news that it has'nt been put up sale yet.....perhaps because it's worth diddley squat.
I would put any money on those sleeves on that new pedestrian crossing comming off.
There will be no one walking into town so it's just another addition to the gridlock.
Wonder when the last road death happend of a pedestrian happend there?
That's good news that it has'nt been put up sale yet.....perhaps because it's worth diddley squat. I would put any money on those sleeves on that new pedestrian crossing comming off. There will be no one walking into town so it's just another addition to the gridlock. Wonder when the last road death happend of a pedestrian happend there? Moonbase
  • Score: 0

9:49pm Tue 9 Apr 13

nickjohn says...

I thought the crossing had been put in place to make it easier for the Impact Housing tenants get into Abbot Hall to sunbath.....
I thought the crossing had been put in place to make it easier for the Impact Housing tenants get into Abbot Hall to sunbath..... nickjohn
  • Score: 0

5:11pm Wed 10 Apr 13

Geoff103 says...

At some point the nettle will have to be grasped.

There is only one solution to the problem of K Village. Demolish it and find a developer with a credible plan for the site.

It will mean that many people will have to eat humble pie and lose a lot of money for that solution, whatever it may turn out to be, will look nothing like the pipe dream that sits there now.
At some point the nettle will have to be grasped. There is only one solution to the problem of K Village. Demolish it and find a developer with a credible plan for the site. It will mean that many people will have to eat humble pie and lose a lot of money for that solution, whatever it may turn out to be, will look nothing like the pipe dream that sits there now. Geoff103
  • Score: 0

5:33pm Wed 10 Apr 13

nickjohn says...

Unfortunately once the banks get involved they will not want to have the write off they would rather have the asset, however low, on the balance sheet.

Saying that, not sure the Irish bankers are any better than our own and you never know what they are going to do.

I heard today that Nick Leeson (Barings Bank Fame) now works in Ireland advising businesses on how to cope with debts of more than 1m euros.....
Unfortunately once the banks get involved they will not want to have the write off they would rather have the asset, however low, on the balance sheet. Saying that, not sure the Irish bankers are any better than our own and you never know what they are going to do. I heard today that Nick Leeson (Barings Bank Fame) now works in Ireland advising businesses on how to cope with debts of more than 1m euros..... nickjohn
  • Score: 0

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