TRADERS in Pendle’s biggest shopping centre have been left fearing for their futures after it was placed into receivership.

Pendle Rise, in Nelson, was put into the hands of receivers by the Bank of Ireland yesterday and store managers were informed by letter of the news.

Bosses at Shropshire-based 4D Properties, the managing agents, will now meet with traders on Wednesday to discuss the “future direction” of the centre and explain the situation.

Details of the amount owed and the number of creditors have not yet been revealed.

Councillors said it was a blow to the town, but there were still opp-ortunities for investment.

Coun Eileen Ansar, who runs Slick, a clothing shop next to Pendle Rise, said it was terrible news.

She said: “We are devastated, but it is not really unexpected, they have struggled to fill empty units.

“I hope they can find a buyer for the centre as quickly as possible to ensure and protect the jobs of staff and the shops already in there.

“There is investment potential in the town with the regeneration work going on and the new road through the town centre.”

Shops currently in the centre include national chains Superdrug, Boots, Martins the newsagents, Farmfoods and Wilkinsons, while independent retailers include Boss Furniture, Pound Sensations, a mobile phone shop and a herbal therapy shop.

Traders said that they had been left fearing for their futures, but also bemoaned a lack of support for their firms.

Imz Afzal, manager of Boss Furniture, said: “The independent traders in the centre have put their neck on their line.

"We have two shops in Nelson town centre and this is a worry.

“We don’t get enough support from the council, they just want us to pay the rates but we get no support or thanks for being in the town centre.

“You’re just left to do it on your own.

“We’ve just got to wait for the next steps now and see what happens.”

One trader, who did not want to named, said: “It’s a surprise and a shock, it’s worrying times for everyone in the centre now.

“People are thinking about their own businesses and jobs, nobody knows what is going to happen.”

Another trader said: “I’m not surprised by it, it’s just the way the economy is at the moment, it’s a difficult time for all the traders.”

Coun Mohammed Iqbal, leader of the Labour party on Pendle Council, said the centre’s owners had failed to work with the council, and this development represented an opportunity to turn it around.

He said: “My primary concern is for the future of the centre, however the owners have never really cooperated with the council.

“Hopefully we can get new owners who will work the council to resuscitate the centre and bring back the good old days.”

Brian Cookson, Pendle Borough Council’s executive director of regeneration met with the receiver appointed by the Bank of Ireland, Tim Perkin of CB Richard Ellis, yesterday.

He said: “There is no cause for alarm, it will be business as usual for the time being at Pendle Rise.

“They’re not proposing to sell the property immediately.

“CB Richard Ellis want to work with the council and any other parties to improve and develop the centre. We’ll be looking to see how we can help them do that.”