Headquartered in Liverpool, InShops Centres operated 21 shopping centres and market halls around the UK, employing 54 people. The company ceased to trade on 17 January 2014 after experiencing significant losses as a result of declining occupancy levels and rising costs.
Prior to appointment as liquidators, KPMG worked with InShops 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 InShops, while landlords at four other sites have expressed a desire to continue operations. However, a further ten centres have closed with immediate effect.
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 InShops 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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Notes to Editors:
The eleven centres which remain open:
The ten centres which have closed:
Katy Broomhead, KPMG Corporate Communications
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.