Grimsby's Freshney Place goes into receivership

Freshney Place will remain open for trading as normal, its former owners said

A large town centre shopping mall has been placed into receivership.

Grimsby's Freshney Place is now in the hands of its lenders following financial difficulties.

It will remain open as normal, with former owners Capreon continuing as the centre's managers.

The property firm said that work on a planned £18m extension incorporating a nine-screen cinema, seven restaurants and a new market hall would still go ahead.

According to the Local Democracy Reporting Service, letters have been sent to Freshney Place traders in the last week informing them of the change.

A spokesman for Capreon confirmed that Cushman and Wakefield were appointed as receivers on 18 January.

"Capreon has been retained by the Receivers to continue their role as asset managers for the shopping centre which will remain open for trading as normal," the spokesman said.

"We will, of course, also continue to work with North East Lincolnshire Council in the delivery of the proposed new cinema and market hall for the town centre following the successful award of the Future High Street Fund grant monies last year."

North East Lincolnshire Council (NELC) said the receivership would not affect other shopping street regeneration plans.

A council spokesperson said: "The situation therefore remains unchanged, and we move forward with our plans for the complete regeneration of the western side of the centre taking in the existing Market Hall."

NELC and Freshney Place are to both contribute £5m towards the project, with £17.2m being provided by the national Future High Streets Fund for the works and other wider plans.

Demolition on the existing market hall is expected to begin later this year, if a planning application is approved.