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Search for a new buyer begins after Nicholsons Centre goes into receivership

Uncertainty surrounds the future of the Nicholsons Centre after it was confirmed the shopping centre has gone into receivership.

On Tuesday, the Advertiser received confirmation that BDO LLP business restructuring partners Sarah Rayment and Colin Haig have been appointed as receivers for the centre.

Going into receivership is a process where a business which is unable to pay its debts is placed in the hands of receivers appointed by creditors, who act as custodians for its assets.

The receivers intend to put the site onto the market and find a buyer, in partnership with real estate company CBRE.

A source close to the sale told the Advertiser they believed the sale could be a ‘significant opportunity’ for the town to have a redeveloped and modern mixed use retail, leisure and residential centre.

They added this could bring the centre, which was bought by Vixcroft and Cheyne Capital in 2015, ‘up to date with some of the wider developments going on in the town’.

The receivership news first appeared in a report in the Financial Times on Friday.

In response, the leader of the Royal Borough, Cllr Simon Dudley (Con, Riverside), said: “We are disappointed to hear this news.

“However it is reflective of the changing needs and desires of shoppers across the country.

“The shopping centre is an important element of the regeneration of Maidenhead and as we build a borough for everyone, our residents can expect the Royal Borough to act decisively and proactively with partners to create the retail environment our residents expect and deserve.”

The Royal Borough owns Central House, a tower above and attached to the centre and is also a minority stakeholder of the centre’s freehold. The council has a long leasehold with the current owners.

Maidenhead Civic Society chairman Bob Dulson said: “While I worry for the future of the management team who’ve done a fantastic job against the odds for years and become our friends, the news opens a whole new chapter of opportunity as part of the town centre regeneration, if the right buyer can be found.”

The centre’s owners Vixcroft and Cheyne Capital and the Nicholsons Centre management have either declined to comment or have not responded to the Advertiser’s requests for comments.

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