A hugely popular market hall in Perry Barr’s One Stop Shopping Centre has reportedly gone bust. ‘Market Village’, inside the shopping complex, appears to have suddenly closed for good.
Around 30 traders who rent the space were reportedly told only yesterday at 4pm the market would not be reopening again. Zahid Mahmood, owner of Mobile Gadgets UK, said he and other firms were “totally blindsided by its insolvency”.
A letter pinned on Market Village’s shutters this morning, from administrators Cowgills, read: “I write to you formally to advise you that the above company has instructed administrators Cowgills.
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“The appointment arose as consequences of the insolvency of the company, in circumstances where it has not been in a position to continue to pay its debts as they fall due.
“In such circumstances the company is unable to continue to trade. The purpose of this letter is unfortunately to confirm the financial circumstances of the company are unlikely to change. With that we must now proceed to wind up its operations in an orderly manner.”
Mr Mahmood told BirminghamLive that it all “happened very quickly”. He added: “All traders were handed a letter yesterday at 4pm which said the market is totally closed now and that we have to book slots to collect our stuff.
“I’ve been there for more than three years and the business is older than 20. We have customers relying on us. We’re devastated. It’s shocking and a complete disaster.”
We were unable to contact Cowgills at time of publication. Several traders have confirmed the circumstances of the closure with BirminghamLive.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
