The company was the operator of the St Giles Centre in Elgin, which is owned separately by a company which is not subject to insolvency.

The shopping centre had operated in the Moray town for 33 years before closing on 20 January 2025, following a period of severe financial challenges, including a high level of vacant units, reducing rent roll and increasing service charge and rates costs.

Mr McAlinden, head of Interpath in Scotland and joint provisional liquidator, said: “The recent closure of the St Giles Centre is emblematic of the challenges facing high streets and shopping centres up and down the UK.

“Tough trading conditions coupled with fragile consumer confidence and increasing overheads are putting enormous amounts of pressure on operators, with a number of shopping centres unfortunately having no option but to close in recent times.”

Mr Dewar, joint provisional liquidator, added: “As a matter of priority, we will be working closely with all stakeholders, including the centre’s owner and Moray Council in its dual-capacity as a major creditor and a key stakeholder in the ongoing development and regeneration of Elgin, to find a meaningful way forward for this important site in the town.”