KENDAL’S troubled K Village complex has been bought out of administration for an undisclosed sum.

The new owners are Lou Kendal Limited, a newly-formed subsidiary of investment companies based in Northern Ireland and London.

The company has promised major investments into the struggling centre, but is keeping tight-lipped about what its plans are.

Miles Allen, representing the new owners, said: “We look forward to making K Village a success and a destination both for locals and tourists alike.

“We will be investing substantially into the complex to improve the building.

“We are confident that we can turn the fortunes of the complex round, but it will take time to achieve all we want.”

Developers Kendal Riverside Ltd, which has had problems attracting and retaining tenants at K Village since it opened in 2010, went into administration late in 2012 with debts of £68m.

Since then the centre has been run by administrators at KPMG.

There was fresh optimism for the complex in September 2014 when South Lakeland District Council lifted strict rules on it being a ‘factory outlet’, meaning it could only sell seconds and discounted end-of-line goods.

At the time Simon Adams of agents Peill and Co. - the man responsible for filling the complex’s vacant units - said they could now be marketed to local retailers as well as national brands.

But there are still currently six empty retail and leisure units, with a further two – Mountain Warehouse and Pro Cook – set to close down.

Windermere’s ‘Shop Doctor’ Bill Smith has offered expert advice on how the new owners could turn K Village’s fortunes around, describing the current shopping environment as ‘visually cold and clinical'.

He said: “It needs softening and better sound absorption - the issues with draughts could be addressed by automatic doors.”

Mr Smith’s other tips included having key shops directly accessible from Lound Road to entice customers inside, more attractive signage, and a small central performance area for live events.

He said: “The impact of false shop frontage facing onto Lound Road is more suggestive of empty shops than attractive display opportunities.

“The entrance to the car park is relatively hostile and more like arriving at a bus station than a retail experience – it needs to be softened and improved visually to give a sense of welcome.”

The mixed use scheme on Lound Road comprises 29 retail and catering units, with big names including Clarks, Costa Coffee and Denby.

The site also has 90 apartments and two levels of basement car parking.

Derek Armstrong, manager of the Cumbria Chamber of Commerce, welcomed the news as ‘great for the town’.

But he added: “It’s been a while now since we managed to get enough footfall in K Village – we need to see something happen in there."

And Cllr Giles Archibald Portfolio Holder for Economic Growth, Town Centres and Small Businesses at SLDC, said he was “looking forward to working with the new owner to ensure the centre’s success."

“We are also keen to make sure that the flats above are occupied, given the pressure on accommodation."