New management for Gateshead Metrocentre after Intu collapse

New management will take over the Metrocentre in Gateshead after the collapse of former owners Intu.

Sovereign Centros is promising 'a new era' for the North East’s biggest retail and leisure destination after being appointed to asset manage the centre on behalf of owners, the Metrocentre Partnership.

Property firm Savills will take on the responsibility for the on-site property management.

Sovereign Centros says there is £25 million available to improve the centre and the adjoining retail park.

Metrocentre management staff will pass to the new operators.

The new management said in a statement that they are in discussion with "a number of existing retailers who want to upsize", adding that this "goes to show how well they trade".