Riley Square in Bell Green was supposed to be revitalized, according to Innovative Retail Development.
The company behind a much-anticipated municipal development “collapsed into administration,” according to a statement released by Coventry municipal Council. Riley Square in Bell Green was going to have a major makeover thanks to the commitment of Innovative Retail Development.
Innovative Retail Development (IRD) executives had pledged to invest millions of pounds in Riley Square in an effort to “restore it to its former popularity.” In 2017, Coventry City Council granted IRD a 150-year leasehold for the land in an attempt to profit from surplus assets in the face of “budget cuts.”
IRD was given a lease by Coventry City Council that included financial commitments to invest in the Bell Green site’s renovation. However, most stores have remained boarded up, with some having graffiti scribbled on the shutters. Only a small number of stores, such Smakolyk National Food Store, are still operating.
Innovative Retail Development, which was based on Riley Square, did not have any employees, so no jobs have been affected. Coventry City Council told CoventryLive that it was ‘aware’ of the latest developments regarding Riley Square but ‘cannot provide any further detail.’
Innovative Retail Development, which was based on Riley Square, did not have any employees, so no jobs have been affected. Coventry City Council told CoventryLive that it was ‘aware’ of the latest developments regarding Riley Square but ‘cannot provide any further detail.’
“We are aware of the latest developments regarding Innovative Retail Development Limited,” a Coventry City Council spokesman stated. We are unable to provide any more information until the administrators and receivers have completed their tasks.
“It is deeply regrettable that Innovative Retail Development has been forced into an insolvency process as a temporary protective measure,” stated Simon Campbell, Managing Director of Quantuma. Controlling rental income, comprehending the interests of secured creditors and Coventry City Council, providing a workable solution for the community, and maximizing medium-term value for creditors have been our top goals as of late.
