Uncertain future for centre as its landlords lose control

THE GUILDBOURNE Centre is facing an uncertain future after its landlords entered administration over outstanding debts.
By The Newsroom
Published 28th Aug 2014, 13:00 BST
W03004H14-GuildborneCentre. Shopping Centre Retail Shops Guildbourne Centre Worthing ENGSUS00120140115173435W03004H14-GuildborneCentre. Shopping Centre Retail Shops Guildbourne Centre Worthing ENGSUS00120140115173435
W03004H14-GuildborneCentre. Shopping Centre Retail Shops Guildbourne Centre Worthing ENGSUS00120140115173435

Traders have been left in the dark about the developments, which have seen landlords Factory Outlets lose overall control of the centre.

The Guildbourne is now understood to be in the hands of global real estate firm Colliers International and Moorfields Corporate Recovery.

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Paul Daniel, co-owner of The Lighthouse, said: “The new owners and administrators have not been in touch. We are all in the dark about it.

WH 010814 Guildbourne IT Workshop closing due to lack of funding. Photo by Derek Martin SUS-140108-151739001WH 010814 Guildbourne IT Workshop closing due to lack of funding. Photo by Derek Martin SUS-140108-151739001
WH 010814 Guildbourne IT Workshop closing due to lack of funding. Photo by Derek Martin SUS-140108-151739001

“It’s a complete mess. It’s caused a lot of insecurity with the businesses.”

Factory Outlet’s troubles centre around a mortgage debt with the Allied Irish Banks, which was then taken up by Colliers, along with a number of other properties across the UK.

The centre’s situation has similarities with the Teville Gate site, which is under the control of receivership firm, following loans tied up in one of the bailed-out Irish banks.

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The first casualty of the troubles was the Guildbourne IT Workshop, which has been forced to close after Factory Outlets withdraw its funding.

For the full story, see the Herald, out Thursday, August 28.

Related topics:Traders