Braehead owners team up to boost 'trading synergy'
Reporting to a board comprising SGS, TDL and XPE, the asset management and operational team includes Pradera Lateral, Savills, BWP Group, Lunson Mitchenall, BGP, and Metis. Their aim is to expand the "natural trading synergy between adjacent ownerships" which currently generate £6.3 billion in annual retail and leisure spending.
'The scale and diversity of Braehead Ambition's offer means the destination is more relevant to more consumers more of the time," said Claire Barber, chief executive of SGS UK Retail. "The partnership will position Braehead as a lifestyle choice, creating even higher levels of loyalty and engagement that will drive the commercial performance of the individual assets, and the wider social and economic prosperity of the area.'
SGS completed a "landmark" reorganisation of its finances in May of last year that allowed it to return to standard governance and management after falling into administration in June 2020. The group, previously known as Intu SGS, came under the control of its creditors after Intu collapsed into administration from the weight of its debts during the Covid pandemic.
XSite experienced similar difficulties in the wake of the pandemic but has since recovered to welcome 2.1 million people through its doors in 2024. Earlier this year XPE announced that it will invest more than £12 million in the site which will include the opening of the world's longest indoor e-karting track and e-sports venue, K1 Speed, later this year.
Barry Cox, non-executive director at XPE, said Braehead Ambition is a shared commitment to offer consumers a unique destination whose "total is greater even than the sum of the parts".
"As consumers are becoming ever more discerning as to where and how they spend their time and money, bringing together the strength of our individual assets to create the strongest destination of scale in Glasgow makes total sense for our customers, our business partners, and for Renfrew," he added.
Located within the shopping centre, Braehead Arena is a 5,200-seat multi-purpose events and sports venue that serves as the official home of the Glasgow Clan ice hockey team. The team and the management of the arena were taken over by Irish broadcasting company TDL in May 2023.
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