BOSSES have heralded a new era for the Brunel Shopping Centre as it formally moves out of receivership.

Swindon town centre’s biggest retail venue, went into default on a loan in late 2011 following a significant fall in property values across the UK.

But now the company that came to the rescue of the centre, FI Real Estate Management (FIREM), together with its backers, have successfully re-financed the loan thus clearing the way to move forward with ambitious future plans.

The centre’s strategic recovery has taken place in what has been a challenging and uncertain economic climate – it has taken a significant investment and the team behind that work are now determined to push on out of the recovery phase towards an exciting future.

Tim Knowles, Managing Director of FIREM, believes that the acquisition of the loan was a logical decision given his company’s knowledge and experience of managing the centre and its tenants.

He added: “We want to see all the new developments we have in the pipeline progress and to bring the Brunel back to pole position in Swindon’s retail and leisure attractions.

“We can also confirm our confidence in the Brunel’s future success and our commitment to investing in it and making it a vibrant part of Swindon’s retail and leisure attractions.

“We see ourselves as a strong private sector partner to Swindon Borough Council, Forward Swindon, InSwindon and to the wider business and local community and we want to work with local people for the good of the town.”

The future vision sees the Brunel Centre as a destination for Swindon’s residents, offering more than just a retail venue.

Plans are well underway to develop the footbridge over Canal Walk that links the two sides of the centre to turn it into a restaurant hub.

Centre bosses are in talks with a number of well-known food chains who have shown an interest in what the town has to offer.

Alongside this, they have also agreed a deal with fitness firm Buzz Gym to open a new 15,000 sq ft gym on the House of Fraser side of the centre.

A 10,000 sq ft soft play area is also being planned.

Kevin Gwilliam, General Manager at the Brunel Centre, welcomed the development.

He said: “This is great news, not only for the Brunel, but this is a significant vote of confidence for Swindon town centre too.

“It is business as usual for me and my team in centre management. The team have worked with FIREM for more than four years now so it’s great news that we will be continuing to work with the same people in the future.

“Situated at the heart of Swindon, the Brunel shopping centre is an important asset for the town and I look forward to continuing to work closely with Swindon Borough Council, local community groups and the business community.”