Fairacre (Ashton) Car Park Limited (09899643): administration
- Status
- In administration
- Administration began
- 2026-02-05
- Administrators
- Paul Stanley, Dean Watson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-12-02
- Location
- Manchester
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- COVID-19
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 2 December 2015 as the UK subsidiary of a Jersey registered company, Fairacre UK Retail Properties (Ashton) Limited, which was the owner of the Arcades Shopping Centre in Ashton Under Lyne (“the Arcades”). From the date of incorporation until 18 December 2024 the Company operated the car park at the Arcades under a management agreement, while the Jersey parent company was responsible for the letting of the Arcades.
UK high street and shopping centre retailers have seen a rapid decline in business over the last ten years. Existing strong competition from online retailers prior to the Covid pandemic intensified as a result of lockdowns during 2020 and 2021. The cost of living crisis has further added to the overall deterioration in the sector, with the reduced footfall in shopping centres also resulting in banks and other non-retail occupiers closing their high street and shopping centre outlets. The Arcades, in common with many traditional shopping centres, has seen an increasing number of vacant units over this period and has struggled to meet the ongoing costs of service charges and business rates for empty units.
The charge holder, N M Rothschild & Sons Limited, first approached the joint administrators for advice in relation to potential enforcement of their security in May 2022. There was subsequently a financial restructuring in December 2024 which saw ownership of the shopping centre transferred from the Jersey parent company to the Company. At the same time, the existing directors resigned from office and were replaced by a new director whose role was to liaise with various professionals engaged to achieve a sale of the property.
Administrators' statement of proposals (2026-04-14) · Companies House register