Business as usual as receivers appointed to Athlone Towncentre

Athlone Towncentre

Athlone Towncentre

It is “business as usual” for Athlone Towncentre, just four days after it was announced that a receiver has been appointed to the retail development.

Management at the centre confirmed that it had been a busy week for traders in the centre, with retail including the sale of gift cards continuing to be steady.

“We are concentrating on letting our customers know that it is business as usual,” said a spokesperson for the centre.

Owners of Athlone Towncentre, Gallico Developments, agreed to the appointment of receivers Stephen Tennant and Paul McCann of Grant Thornton on Monday this week.

The properties included within the receivership are the shopping centre and associated car parking, 150 apartments, and 35,000 square feet of office space.

It is understood the shopping centre has debts in excess of €200 million to lenders AIB. It is now in the hands of the receivers to decide on the best way to recover this money, whether through selling on the development or restructuring the debt.

However a spokesperson for Athlone Towncentre said the appointment of receivers will have no impact on the trading of the centre and will not affect the individual retailers, or the 600-plus people employed in over 60 shops in the centre.

They say a number of expressions of interest have been received from parties interested in acquiring what is considered to be a prime retail investment.

“The time has come for the centre to move to the next stage of its life,” added the spokesperson.

“Day to day trading will continue as normal and it is ‘business as usual’. The shopping centre is and will remain one of the finest and most successful retail facilities in the region and will continue to be so for many years to come. The residential element of the Towncentre has enjoyed a similar level of success with all 150 apartments rented.

“The owners have taken the centre through the most difficult period ever in the history of retailing in Ireland. It is home to many of the top Irish, UK, and European brands and has established itself as the regional shopping destination for the greater midlands region.”

 

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