| 16.4°C Dublin

Ulster Bank takes over Outlet mall

Ulster Bank has taken control of The Outlet shopping centre in Banbridge. The £70m site is the biggest factory shop in Ireland and opened in 2007.

A spokesman for the bank said it had promised to work with the centre management to secure its long-term success.

"West Register (Northern Ireland) Property Limited, a specialist property asset management company wholly owned by Ulster Bank, has purchased The Outlet, Banbridge," the spokesman said.

The Outlet has 82 stores, employing approximately 500 full and part-time staff from the Banbridge area. The business is continuing to trade normally.

The Richmond Centre in Londonderry was bought by West Register last year after the company that owned it went bust owing Ulster Bank parent company RBS millions of pounds.

The Outlet is on the main Belfast to Dublin road, poised to take advantage of an all-Ireland market.

But the huge cost of underwriting the Republic's banking sector has left Irish taxpayers with less money to spend. There are also higher petrol costs to take into account.

The Ulster Bank spokesman added: "West Register (Northern Ireland) Property Limited will work with the centre's management team to secure the long-term success of The Outlet."