Warner Estate Holdings, the owner of Liverpool’s Cavern Walks shopping centre, has announced that it is to appoint administrators today. It said that it has suffered as a result of the 2008 financial crash.
"The Board having considered those implications has resolved to appoint administrators from CCW Recovery Solutions, over the Company's business as there no longer remains a reasonable prospect that the Company can avoid insolvent liquidation and the procedure of administration would be in the best interests of creditors as a whole," it said.
The group operates a wholly-owned fund comprising 42 commercial sites as well as units in the Ashtenne Industrial Fund.
Administrators are expected to sell Warner’s asset management business to Hansteen and Warner will sell its 5.3% stake in Ashtenne to Hansteen.
All 95 Warner staff should be able to transfer to Hansteen, the group said today.
This should not have any implications for the shopping centre merely a change of ownership.