New era for shopping centre after rescue deal
MERRY Hill Shopping Centre has been taken over by a new operator – securing 200 jobs in the process. Ellandi has been appointed as the new asset manager for the Brierley Hill shopping centre, taking over from intu properties plc, which went into administration in June.
It will now oversee the operation and development of the centre on behalf of a consortium of banks that now own the centre.
Ellandi, which operates more than 30 shopping centres across the UK, has confirmed that intuMerry Hill will continue to receive investment and development to maintain its place as a leading retail destination in the West Midlands.
This investment includes the current remodelling of the exterior of the centre, which is due to complete by Spring 2021.
A refurbishment of the washroom facilities has just been completed and other improvements will follow over the coming months.
Ellandi has appointed Savills as managing agent with responsibility for the day-to-day running of the centre.
All existing centre staff will transfer their employment to Savills on the same employment terms, securing 200 jobs.
Suppliers to the centre will also transfer their contracts over from intu to Savills.
The mall will continue to be known as intu Merry Hill for now, but will be rebranded in 2021.
Mark Robinson, property director and co-founder of Ellandi, said: “intu Merry Hill plays a vital role in the
West Midlands. “It is responsible for thousands of jobs, supports local suppliers and makes a significant contribution to the regional economy. We are excited about the opportunity that intuMerry Hill has to evolve through investment and offer the very best retail and leisure experience to shoppers in the West Midlands and beyond.
“We are committed, alongside the centre’s owners, to supporting jobs and the local community.”
Rachael Jackson, general manager for Merry Hill, added: “intuMerry Hill has a very bright future and the management team at the centre is looking forward to working with Ellandi. “Visitor numbers are getting back to pre-Covid levels and 97 per cent of our retail and leisure partners have reopened, which shows the resilience and importance of Merry Hill in the region.”
Jim Tucker, partner at KPMG and joint administrator of Intu, said:
“With the migration of Intu’s shopping centres to new management now firmly under way, it’s pleasing to have been able to conclude the smooth transfer of this significant asset.
“As one of the top ten shopping centres in the UK, Merry Hill is a prominent name on the retail landscape.
“We wish management and all of the employees the very best as they embark on this new chapter.”