Landlord Secures Future of Indoor Market
15 January 2014
THE owners of Middlesbrough-based shopping centre Dundas Arcade, Contract Experts Limited have stepped in to rescue the market traders of the In Shops, which fell into voluntary liquidation on January 9th 2014.
The move comes as part of a strategic decision by the owners, Contract Experts Limited, to safeguard the future for the small independent traders operating inside In Shops.
Anticipating In Shops would enter into voluntary liquidation market traders of In Shops were made aware on Thursday, January 9th that Contract Experts Limited had taken on full responsibility for the lease management of In Shops and their tenancy.
The swift action taken by Contract Experts Limited has been very welcomed by the former In Shop traders and brings further reassure that Dundas Arcade will retain their tenancy and that it's business as usual for the traders.
Christian Lax, Property Director for Contract Experts Limited said: “ We pre-empted voluntary liquidation for In Shops was going to happen and took immediate action to notify all of the traders that it was our clear intention to take over the management of the lease and safeguard their businesses."
“Dodds Brown, the local managing agent, paid a visit to each trader to update them of our actions and to provide assurance to these local and independent traders that they were not at risk and to continue to trade as normal."
“This is a unique opportunity, and as the landlord we want to support the traders in any way we can to help sustain and improve the indoor market. Dundas Arcade is home to Middlesbrough town centre’s only indoor market and for many customers these small traders are a welcome alternative to the homogenised high street.”
The In Shops within Dundas Arcade is home to 16 small local independent traders and with this positive news it is likely that all the businesses have been safeguarded with over 50 jobs secured for the long-term.
Commentating further, Richard Wilson of Dodds Brown added: “We are delighted that prompt action has been taken by the landlord. As a result of the In Shops going into voluntary liquidation it presents an opportunity for us to take full control of the leasing and the marketing & promotion of what was the In Shops."
“The next step will be to work with a local marketing company to devise a more contemporary indoor market proposition. This investment will support the existing former In Shop traders and help Dundas Arcade evolve the market space".
"We want to build upon the existing traders of the former In Shops and make the future indoor market a vibrant and eclectic place to shop providing our customers with a greater mix of local traders at Dundas Arcade."
If you’re a business owner and would like to join the new Dundas Arcade indoor market please call James Williams on 01642 232552 for more details.