Modus Group and Ciref’s newly-developed Houndshill shopping centre in Blackpool has gone into administration.
The 400,000 sq ft centre, which is owned by a joint venture between Brendan Flood’s modus Group and AIM-listed Ciref, is the latest casualty of the Modus empire.
The Trinity Walk shopping centre in Wakefield and the Grand Arcade in Wigan were the first two schemes to be put into administration in March and May respectively, followed last week by Modus Ventures, the group’s development arm.
Mark Firmin and Myles Halley from KPMG Restructuring were today appointed joint administrators of Modus Corovest (Blackpool) Limited, which owns the freehold of Houndshill.
‘The centre will continue to trade whilst the joint administrators review the situation and develop a strategy that is appropriate for this particular site,’ said Firmin. ‘No impact on customers or tenants is anticipated.’
Houndshill is a 50:50 joint venture between Modus and Ciref. It opened for trading on 24 August 2008 and is the major covered shopping centre in Blackpool. Anchored by a 95,000 sq ft Debenhams, it also boasts Next, River Island, H&M Hennes, La Senza, Barratts, Clarks, Costa, Aleef, Jane Norman and Carphone Warehouse along with 800 car parking spaces and a contemporary food deck.