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| Version 2 | Version 3 |
|---|---|
| Ulster Bank takes over Banbridge Outlet store | Ulster Bank takes over Banbridge Outlet store |
| (40 minutes later) | |
| Ulster Bank has taken control of The Outlet centre in Banbridge following financial problems for the developer. | Ulster Bank has taken control of The Outlet centre in Banbridge following financial problems for the developer. |
| The £70m store, the biggest factory outlet in Ireland, opened in 2007. | The £70m store, the biggest factory outlet in Ireland, opened in 2007. |
| Ulster Bank said it was committed to working with the centre's management to secure its long-term future. Developer Guernsey-based John Farmer has not commented. | |
| BBC NI business editor Jim Fitzpatrick said the retail park had "fallen victim to the demise of the southern shopper". | |
| "It was conceived for an all-Ireland market with the developer citing the big savings that could be enjoyed by southern consumers. | "It was conceived for an all-Ireland market with the developer citing the big savings that could be enjoyed by southern consumers. |
| "But the huge cost of underwriting the Republic's banking sector has left Irish taxpayers with considerably less money to spend. | "But the huge cost of underwriting the Republic's banking sector has left Irish taxpayers with considerably less money to spend. |
| "That, combined with higher petrol costs, has removed the incentive for shoppers to head north for a bargain." | "That, combined with higher petrol costs, has removed the incentive for shoppers to head north for a bargain." |
| Documents seen by the BBC show that the bank is holding The Outlet in a company called West Register (Northern Ireland). | Documents seen by the BBC show that the bank is holding The Outlet in a company called West Register (Northern Ireland). |
| Ulster Bank's parent company, RBS, has set up a special group of companies called West Register. | Ulster Bank's parent company, RBS, has set up a special group of companies called West Register. |
| Recover | Recover |
| The purpose of this group is to hold troubled businesses that the bank thinks it should retain because of the possibility that they could recover some of their value. | The purpose of this group is to hold troubled businesses that the bank thinks it should retain because of the possibility that they could recover some of their value. |
| For example, the Richmond Centre in Londonderry was bought by West Register last year after the company that owned it went bust owing RBS millions. | For example, the Richmond Centre in Londonderry was bought by West Register last year after the company that owned it went bust owing RBS millions. |
| In May, an Ulster Bank mortgage relating to The Outlet was registered against West Register (Northern Ireland). | In May, an Ulster Bank mortgage relating to The Outlet was registered against West Register (Northern Ireland). |
| In a statement, Ulster Bank said the shopping centre had a strong tenant list making up its 82 stores, employing approximately 500 full and part time staff. | In a statement, Ulster Bank said the shopping centre had a strong tenant list making up its 82 stores, employing approximately 500 full and part time staff. |
| "West Register (Northern Ireland) Property Limited will work with the Centre's management team to secure the long term success of The Outlet." | "West Register (Northern Ireland) Property Limited will work with the Centre's management team to secure the long term success of The Outlet." |