Kendal Riverside, the Northern Irish owner of the collapsed K Village retail outlet scheme in Cumbria, owes Bank of Ireland more than £55m, an administrator’s report has revealed.
The report, by administrators at KPMG, shows that Nama, to which the BoI debt was passed, is likely to recover no more than £20m of that debt.
KPMG believes the park could fetch £34.2m via a sale, but added that it would be “prudent to assume that given the current economic climate and tenancy status of the shopping centre, that value may have decreased”.
Kendal Riverside Ltd went into administration in December.
Trade creditors are owed £3.4m by the firm and related parties are owed £8.6m.
Savills is also owed £345,000 as managing agent.
Tenants at the park include Cotton Traders, Clarks, Whittard, Denby, Cost Coffee, Mountain Warehouse and Pavers Shoes.
simon.binns@estatesgazette.com
