Houndshill latest Modus centre to fall into administration

Mark Firmin and Myles Halley from KPMG Restructuring have today been appointed joint administrators of Modus Corovest (Blackpool).

The company owns the freehold of the Houndshill Shopping Centre in Blackpool. Modus spent £100m refurbishing and extending the centre to 400,000 sq ft. It reopened last autumn 90% let.

Firmin commented: "The centre will continue to trade whilst the joint administrators review the situation and develop a strategy that is appropriate for this particular site. No impact on customers or tenants is anticipated."

Houndshill joins the Grand Arcade in Wigan in administration. Modus Ventures, which owns 40 property development companies across the UK, was placed in administration with KPMG at the end of May.