BRAEHEAD shopping centre has been thrown a £30 million cash lifeline after the company which owned it went into liquidation.
Creditors for intu SGS, which runs three other complexes in England, last week agreed to the proposals.
The eight figure investment means that the popular Renfrewshire shopping centre will remain open and continue to trade for the foreseeable future.
It was also given a further boost last week with reports that business at the Renfrew complex has almost returned to pre-pandemic levels.
Braehead is also performing better than the other three centres in the group –Lakeside in Essex, Watford and Victoria Centre in Nottingham.
A spokesman for intu SGS said: “The proposals that we have agreed provide us with the stable financial platform to move forward as we continue to recover from the impact of Covid-19.
“Footfall continues to increase across all four centres with the stand-out performer being intu Braehead, which has almost returned to pre-pandemic levels, highlighting the continued attractiveness of these destination assets to visitors.”
The owners of all four centres went into administration in June, sparking fears for the future of Braehead and for the jobs of the hundreds of staff who work there.
Braehead however remained open during lockdown giving shoppers access to pharmacies and food stores.
The shopping centre which attracts up to 16 million shoppers a year, fully reopened in July once restrictions had been lifted.
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