Wickford and Church Arcade – LPA Receivership
Moorfields were appointed as LPA Receivers over two retail assets: a shopping centre in Wickford, Essex and Church Arcade in Bedford, with a combined value of £8.25 million and bank debt of £10 million.
The appointment followed borrower default, requiring professional management to stabilise the assets, reconcile accounts, and maximise recoveries for the secured lender.
Objectives
- Manage and operate the retail properties to protect value.
- Reconcile service charges and ensure accurate accounting for tenants.
- Fill vacant units to improve income and operational performance.
- Prepare and execute a sale strategy to realise maximum value for the lender.
Moorfields’ Actions
- Took immediate control of both retail assets to stabilise operations.
- Conducted a full reconciliation of service charges with tenants and management companies.
- Marketed and secured tenants for vacant units, increasing rental income.
- Engaged property agents and coordinated the sale process for both centres.
Results
- Successful sale of the shopping centres achieved, maximising creditor recoveries.
- Service charges reconciled, ensuring transparency and operational compliance.
- Vacant units filled, improving rental income prior to disposal.
- Lender’s position protected and value of assets preserved during receivership.
