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Shopping centre boarded up after liquidation

Date Added: 14/06/2013  

A shopping centre in the south of England has had its windows and doors boarded up in the wake of the company that owns the location going into liquidation.

No buyer could be found for the Bargate Shopping Centre, so it has been forced to board up its doors for the time being, four months after traders first left the building in February.

According to a report by the Andover Advertiser, receivers BNP Paribas Real Estate have been trying to find a buyer for the site for more than a year after the current owner entered liquidation.

One former trader said: "It is an important access point. I think there were talks about the site, they were obviously hoping that they could get a buyer but that doesn't seem to have come off. It's unclear, nobody knows exactly what's happening there."

The businessman added they were only given two weeks notice that they were going to have to leave the Bargate Shopping Centre, not giving the traders a lot of time to find a new location.

A BNP Paribas Real Estate spokesman stated he could not comment on the windows and doors being boarded up at the shopping centre, but confirmed the body is still trying to find a buyer to come in and take over the running of the location.

European property giant Parkridge Holdings bought Bargate Shopping Centre for £17.25 million in February 2008, at the start of the recession. Parkridge (Bargate) was set up to run the site, but it went into liquidation last year as a result of its financial problems.

The retail sector has been hit particularly hard by the downturn, with a report by the Centre for Retail Research recently predicting that the number of UK retail stores will fall from 281,930 to 220,000 in the next five years if current trends continue.

It was noted by the body that this could mean as many as 300,000 jobs are at risk of being lost unless the economic recovery in the UK begins to gather pace in the coming years.

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Posted by Julie Cutts

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