The holding company of Manchester-based commercial developer Modus Ventures has been put into administration after the collapse of two major schemes
KPMG has been appointed administrator of the group, whose property portfolio is estimated to be worth £4.3bn. Modus was the developer behind the Trinity Walk shopping centre in Wakefield, which collapsed in March with debts of £68m. The scheme owed Modus and partner Ciref £3.5m. Modus’s Grand Arcade shopping centre in Wigan was also put into administration in May.
The administrator said that none of Modus’ other 47 schemes were immediately affected by the collapse of the holding company, and were continuing to trade.
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