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Wednesday, 27 August 2014

£34m shortfall for K Village creditors

Creditors of the Kendal K Village - which went into administration last year - are facing a shortfall of over £33m.

According to estimates from 2011 the village was worth £34.2m, but this has to be offset against a £55.3m fixed charge debt to the Bank of Ireland.

Trade creditors are also owed £3.45m, including £8.6m to related party creditors and £2.8m to Miller Construction.

The K Village’s parent company - Northern Irish property business Kendal Riverside - still owes Ireland’s National Asset Management Agency more than £55m. The total shortfall to creditors in £33.7m.

Administrators from KPMG in Belfast were appointed at the end of 2012 to Kendal Riverside which owns the K Village outlet in Kendal.

The K Village was opened just a few years ago in 2010, and was developed by CUSP. It was hoped that the K Village would create 300 full-time and part-time jobs and attract millions of visitors.

Retailers in the village include Clarks and Lakeland, reflecting the heritage of the site, which used to be the K Shoe Factory.
 

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