Led by corporate director Scott Leonard-Morgan and managing associate Stephanie Chew, with assistance from George Walmsley, the Cains team advised on the corporate and commercial elements of the acquisition with specialist property expertise from managing associate Alex Poole-Wilson and Holly McGarrigle.

Scott Leonard-Morgan, director of Cains, said: “It is fantastic to have been able to assist the Edinburgh Woollen Mill Group on its acquisition of this iconic centre. As a single team we were able to showcase our strengths and expertise across the corporate, commercial, property and employment departments at Cains to provide seamless and responsive advice, completing the deal in less than one month.

The calibre of the purchaser and its level of investment into the Isle of Man is an endorsement of the attraction of doing business in the Island and we look forward to working with the group as it embarks on its latest venture.”

The Edinburgh Woollen Mill Group, headquartered in Carlisle, is an international retail empire specialising in clothing and homeware with a wealth of experience in creating destination shopping sites for tourists. Wholly owned by Dubai-based Philip Day, the Group includes brands such as Peacocks, Austin Reed, Ponden Home and Jaeger.

The acquisition of Tynwald Mills is the latest in a series of acquisitions undertaken by the Group to complement organic growth and further expand its breadth of retail brands to its portfolio. It has pledged to invest in the prominent site to help it become the number-one shopping destination on the Isle of Man.