AIB has taken control of Athlone Town Shopping centre with the agreement of its owners, ATC Property Holdings.

Accountancy firm Grant Thornton announced just after 6pm that the bank has appointed partners Stephen Tennant and Paul McCann as joint receivers over the centre.

“The properties included within the receivership appointment are the shopping centre and associated car parking, and 150 apartments which have been successfully rented out,” the firm said.

Its statement stressed that all shops at the centre would continue to trade as normal. It is also understood that no jobs will be lost there as a result.

Athlone Town Centre has over 60 outlets and tenants include Marks & Spencer, Zara, H&M and Easons.

Company documents show that AIB is the only secured lender to the shopping centre’s owner. Such security entitles the lender to appoint a receiver to a business that cannot repay the debt.