Receivers for Cork shopping centre

Receivers have today been appointed to the Douglas Court Shopping Centre in Cork.

The Shipton Group, which owns the property through its subsidiary Douglas Developments Ltd, said the shopping centre will continue to trade as normal.

In a statement the group said Kieran Wallace and David Swinburne of KPMG had been appointed joint receivers to Douglas Court by Bank of Scotland.

The centre contains 59 units across 13.55 acres. Tenants include Dunnes Stores, Next and New Look. It was badly damaged by the severe flooding which hit parts of Cork last week.

The Shipton Group, owned by the Love family, is behind a number of high-profile commercial developments in Cork city.

The group said other shopping centres it owns, including Douglas Village and Blackpool Shopping Centres, remain under its control and are supported by Nama and its banks.

Accounts for Douglas Developments Ltd show it had written down the value of its properties to €105 million from €160 million in the year to the end of March 2010. Its debts were €100 million. The companies’ operations made a €2.5 million loss, but asset write downs left it with a loss for the year of €24 million.

Retail Excellence Ireland said today's announcement highlights the immense pressures in the retail sector at present.