Nicholsons Centre in Maidenhead enters receivership
A shopping centre in Maidenhead has been forced into receivership after becoming unable to meet its financial obligations. The move is another blow to the beleaguered UK retail market.
Nicholsons Maidenhead Shopping Centre, which is home to brands including H&M, Topshop, Dorothy Perkins and Pandora, ran into problems following a series of retail closures and declining footfall.
It was bought by Vixcroft, a property specialist, and hedge fund Cheyne Capital in 2015 for £37m - less than half the £85m price its previous owner had paid in 2007.
Cheyne Capital and Vixcroft attempted to boost footfall and turn around the centre’s finances with a refurbishment that included a new entrance and improved lighting. But Next, one of the largest tenants, decided not to renew its lease earlier this year and has now left the centre. It followed the departure of Argos last year, reported the Financial Times.
Town centres and smaller shopping centres are losing the battle against online shopping and the biggest 'supermalls' as more and more consumers shift to e-commerce for its convenience and wide range of choice or go to larger malls that offer compelling experiences.
Accountancy and advisory firm BDO has been appointed as receiver of Nicholsons Centre and agent CBRE is looking for a new buyer.
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