Middleton Shopping Centre has a new owner, with AG Retail – a subsidiary of the Adhan Group – completing the acquisition of the town’s main retail complex last Friday. The sale price has not been disclosed, although the centre was put on the market last month with an asking price of £8.5 million.
The sale
The centre, which comprises 324,078 sq ft of retail space across 87 units and a 430‑space multi‑storey car park, was previously owned by a joint venture between Westrock and Silver Point. That partnership bought the site out of administration for £13.45 million in 2014. Estate agent Knight Frank, which marketed the property, said annual footfall stands at around four million people, with a gross income of £2,332,168 and a net income of £995,719 per year.
AG Retail’s asset manager, Jon‑Paul Hardman, said the company had tried to buy the centre three years ago but was unsuccessful. “This sort of shopping centre is our bread and butter really,” he said. “Our first priority is to fill the centre again, that is the main plan.”
The Adhan Group is one of the largest retail owners in the North West, with a portfolio that includes Golden Square Shopping Centre in Warrington, The Mall in Blackburn, Belle Vale in Liverpool and Rochdale Exchange Shopping Centre – bought in December 2023 for over £3.5 million. Recent acquisitions also include The Lanes in Carlisle (2025) and India Mill in Blackburn (April 2025), and the group has a stated investment target of £1 billion, with more than £200 million available for further purchases.
New retailers
Following weeks of local speculation, it has been confirmed that the discount variety retailer BOYES will move into the former Wilko store in the centre, trading from both floors. Boyes, founded in 1881, now operates around 87 stores across the UK and has been actively acquiring former Wilko units – including openings in Market Harborough and Hull earlier this year. B&M will move into the former Poundstretcher unit. B&M, which has around 772 shops and a long‑term target of 1,200, opened 45 new stores in 2025 and is planning a similar number this year, frequently taking over former Wilko locations.
Mr Hardman added that Poundstretcher and TG Jones – the latter formerly a WH Smith – may not leave the centre entirely despite recent financial troubles. Poundstretcher is facing significant financial difficulties, with revenue falling and a swing from profit to loss; a restructuring plan involving potential rent reductions is under way to avoid administration, and Fortress Investment Group acquired the chain in 2024. TG Jones has also entered administration or pursued restructuring processes in 2026.
Other new arrivals include Mother Hubbard, a fish‑and‑chip operator, which is fitting out a unit near the bus station, and a waffle café opening in a former butcher’s shop. The centre is currently around 93% let, with key existing tenants including B&M, Home Bargains and Club 3000 Bingo – the latter accounting for more than a quarter of the centre’s revenue and having recently extended its lease to 2042.
Asset management for AG Retail is handled by IM Group Services, and the letting agent is Barker Proudlove.
Future plans
Mr Hardman said the immediate priority is to fill vacant units and carry out building works for the incoming retailers. That work will involve preparing the former Wilko and Poundstretcher spaces for their new occupiers, as well as fitting out the smaller units now being taken by food operators.
The acquisition comes at a time of wider public‑sector investment in Middleton. The Middleton Development Corporation has been established to oversee regeneration, including the planned extension of the Metrolink tram service to the town. This forms part of the overarching Northern Gateway scheme, which aims to deliver 20,000 jobs, 1,200,000 square metres of employment floorspace, 3,000 new homes, and improved public areas, roads and pathways. The scheme covers two main development sites: Heywood/Pilsworth (employment‑led) and Simister/Bowlee (residential‑led), with a focus on advanced manufacturing, logistics and innovation.
