It’s business as usual at the Strand Shopping Centre in Douglas despite it being placed in the hands of the receivers.
Fergus Jack and Bryn Williams of London-based DTZ have been appointed joint receivers of the centre on Strand Street, which houses leading high street retailers including HMV, Mothercare, The Card Factory, Miss Selfridge, Peacocks and Millets.
The centre sees an average 30,000 shoppers a week rising to more than 70,000 over the Christmas period.
It is understood the receivers were called in by the bank in connection with a loan agreement demand notice.
A spokesman for DTZ stressed the centre will continue to trade as normal and its aim is to sell it as a going concern.
The joint receivers have sent a letter to various companies in the island that do business with the centre.
In it, they say they have appointed Cushman and Wakefield LLP as property management agents.
In a covering letter, centre manager John Shakespeare says invoices can only be processed if they are addressed to the joint receivers.
It is understood that going into receivership may actually be a positive step for the Strand Shopping Centre as it will allow more money to be made available to make improvements to the complex.
The shopping centre opened in 1990.
Among its empty units at the moment are the shops that used to house Jessops, the photography company, and the Manx Electricity Authority’s former showroom.
The HMV outlet last year survived a cull of 66 stores across the British Isles after administrators were called into the stricken music chain.
Centre manager Mr Shakespeare said he was unable to comment about the receivers being appointed.
Last month he urged shoppers to sign a petition calling on the government to scrap Sunday parking charges at the Chester Street and Drumgold Street multi-storey car parks. Shaw’s Brow and the Bottleneck are still free.