Runcorn Shopping Centre owned by offshore company
Weekly News obtains Land Registry report showing owners Runcorn One Ltd is registered to Guernsey. Other properties and land in Runcorn, Widnes, Frodsham and Daresbury also owned by firms registered offshore
Surprise has been voiced by Runcorn councillors over the revelation that Runcorn Shopping Centre is owned by an offshore company.
The Weekly News obtained title deeds from the Land Registry confirming that Runcorn One Ltd is registered to Guernsey, after current affairs magazine Private Eye published details showing that the mall’s proprietor Runcorn One Ltd is registered there.
The magazine included the shopping centre’s ownership status as part of its major ‘Selling England off by the offshore pound’ series of exposes.
Private Eye looked at 100,000 title deeds dating between 2005 and 2014 for the project.
According to the Freedom Of Information data it received from the Land Registry, other overseas owners own other parts of Runcorn, Widnes, Daresbury and Frodsham.
Companies which register in Guernsey usually do so to reduce their tax liability.
According to the document, Runcorn Shopping Centre was sold to the company by former owners Fordgate in 2011.
At the time it was reported that the building had been sold to F&C Reit Management, now rebranded as BMO.
The company said it did not own the site.
Runcorn One Ltd itself has no contact details other than a PO Box address and Weekly News enquiries to Runcorn Shopping Centre management were directed to BMO.
Halton Lea ward councillors have given mixed views over its offshore ownership.
Cllr Dave Thompson said he was ‘surprised’ by how much of Runcorn and Frodsham were owned by offshore companies.
He said that firms registered abroad could be difficult to contact in the case of emergencies and disasters.
However, he backed the centre management and said the owners had invested millions in revamping its exterior and re-invigorating life inside the premises.
He said: “It came as a surprise to me to see the extent to which areas of Runcorn were under overseas foreign ownership.
“I have to be honest, in my experience of dealing with the management of Runcorn Shopping Centre, I don’t think it’s ever been as good.
“They have invested money in the cladding and everything else.
“They’ve invested a significant amount.
“The recent history is a positive one – it’s been very good.”
He added: “However, it came a surprise to learn that the actual control of the principle shopping centre is in overseas control.
“Personally I think that gives a degree of uncertainty.”
A BMO spokesman said: “We are not at liberty to discuss any of our clients’ business matters, but we can confirm that the Runcorn Shopping Centre is not held in a subsidiary of BMO Real Estate Partners, nor was it under our former name, F&C Reit.”
