THE DEVELOPER BEHIND the Douglas Court Shopping Centre in Cork has been placed into receivership.
Following a request from the directors of Douglas Developments Limited, which owns the centre, Kieran Wallace and David Swinburne of KPMG have been appointed joint receivers to the company.
The move was taken by Bank of Scotland plc.
The anchor tenant of the 59-unit complex, Dunnes Stores, and other stores continue to operate as normal.
The Douglas Village and the Blackpool Shopping Centres are also owned by the Shipton Group, of which Douglas Developments Limited is a subsidiary, but they remain under the control of the parent group and are supported by NAMA and its banks.
David Fitzsimons of Retail Excellence Ireland said that the news was “unfortunate” and shows the “immense pressures which exist on the retail industry”.
The group said it will liaise with the receiver on behalf of members and their employees to ensure their wellbeing is a priority.