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Strand Centre goes into receivership

The Island's best-known shopping centre is in the hands of receivers.

 

The Strand Shopping Centre on Strand Street in Douglas is continuing to trade as normal, however.

 

Fergus Jack and Bryn Williams of London-based DTZ have been appointed joint receivers of the centre, which houses Island branches of UK chain retailers such as HMV, Mothercare, Peacocks, Millets and Miss Selfridge.

 

According to a spokesman for DTZ, the company was called in after an alleged breach of a loan agreement by its current owners.

 

They say the centre, which was built in 1990 and attracts around 30,000 visitors a week, will continue to open normally and the building is likely to be sold.

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