The centre's owners are hoping to raise £350m through a new bond offer, part of which will be used to remodel and reposition the popular Black Country destination.

But the company stopped short of naming specific projects it was planning to carry out, except to say there were opportunities to improve the tenant mix, including re-letting the former BHS store and taking major stores back for remodelling at Merry Hill.

The malls, built in 1985 on the site of the former Round Oak steel works, coprise ofver 200 stores in almost 1.6 million square feet of retail space. The complete estate comprises the shopping centre, two retail parks and The Waterfront, along with development land, covering 229 acres.

Welcoming over 20 million people through its doors each year, it's the 7th largest shopping centre in the UK, just behind Westfield London.