A new asset manager has been appointed for the Merry Hill shopping centre in Dudley after its previous owner fell into administration earlier this year.
Privately owned operator Ellandi will work with property consultancy Savills as managing agent which will be responsible for the day-to-day running of the centre.
All existing staff will transfer their employment to Savills on the same terms and there will be no redundancies.
Suppliers to the centre in Brierley Hill will also transfer their contracts over from previous owner Intu to Savills.
London-based Ellandi has taken over from Intu which went into administration in June and will oversee the operation and development of the shopping centre on behalf of the consortium of banks that now own it.
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The company, which operates more than 30 shopping centres across the UK including Chelmsley Wood Shopping Centre east of Birmingham, has confirmed the investment programme started a few years ago by Intu will continue.
This includes the current remodeling of the exterior of the shopping centre which is due to complete next spring.
The retail hub 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: “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 it 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.”
General manager of the centre Rachael Jackson said it had “a very bright future”, adding: “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.”
Prior to Intu’s administration, it had been the subject of two abandoned takeover attempts and had seen efforts to pay off massive debts stymied by a huge drop in rents paid during the coronavirus outbreak.
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.”