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Liquidators called in at town market firm

The New Market on Waterloo Road has closed after trading in Blackpool for 35 years  20 stallholders lost their livelihoods

The New Market on Waterloo Road has closed after trading in Blackpool for 35 years  20 stallholders lost their livelihoods

Liquidators have been appointed after the company behind a Blackpool market ceased trading.

South Shore’s New Market closed down on January 17 when In Shops Centre Ltd went bankrupt.

The Waterloo Road market had been open for 35 years and its closure saw 20 stallholders lose their livelihoods.

Paul Flint and Brian Green of KPMG were appointed Joint Liquidators to the Liverpool-based firm, which operated 21 shopping centres around the country. Prior to its appointment as liquidators, KPMG worked with In Shops to negotiate the surrender of the leases of six centres back to their respective landlords, ensuring their continued operation.

A further site was forfeited by In Shops, while landlords at four other sites have expressed a desire to continue operations.

However, a further 10 centres have closed with immediate effect, including the South Shore market.

Paul Flint, associate partner at KPMG and joint liquidator, said: “A combination of rising costs and steadily declining income over a number of years meant In Shops was increasingly unable to meet its rent obligations.

“This ultimately led the directors to take the decision to cease trading and appoint KPMG as liquidators. We are pleased to have been able to work with the company to strike deals with eleven landlords prior to the company entering into liquidation, ensuring that 321 retailers can continue to trade and safeguarding many more jobs.”

 

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