Developer behind Beales revamp in Kendal goes bust
Heart of Cumberland has entered receivership, leaving the future of the 40,200 sq ft former department store in limbo.
Paul Greenhalgh and James Liddiment of KR8 Advisory were appointed as receivers by MT Finance for Heart of Cumberland in January. Place North West has contacted the receivers for comment.
In addition to MT Finance, Heart of Cumberland also has outstanding charges from WS Group Pension Scheme and Together Commercial Finance.
The most recent financial report, dated 30 June 2024, put Heart of Cumberland’s debts at £4.14m.
The small company had purchased the former Beales store on Finkle Street in 2021, scooping it up ahead of an auction where it had a guide price of £550,000. The price Heart of Cumberland paid has not been disclosed.
At the time, Heart of Cumberland had ambitions to turn the four-storey block into a food court, apartments, and a haven for independent retailers. Heart of Cumberland owner Geraldine Ward opened the Spinning Jennies shop on the ground floor of the building in April 2025. Ward told the BBC that the Spinning Jennies store was unaffected by the receivership appointment.
Ward said that half of the work renovating the building had been finished and she would be interested in talking with potential investors.
