The company which owns Wigan Grand Arcade shopping centre, which was developed by Modus, has been placed into administration.

KPMG is seeking buyers to take over the two companies set up to manage the scheme, Modus Properties (Wigan) and Modus (Wigan) Ltd.

Wigan Grand Arcade was completed in 2007 and covers 450,000 sq ft. It will continue to trade while KPMG finds a new buyer.

A Modus spokesman said: “The underlying business is good, the scheme is new and trades well with high footfall. We believe Grand Arcade has been the victim of national issues and that it will have success.”

Modus has suffered from considerable falling values across its portfolio. In March its development in Wakefield, Trinity Walk, was placed into administration. The Salford-based development company is seeking new funding for the scheme, which is already on site.