Trafford Centre owner Intu Properties has said talks with lenders have failed to reach agreement and warned that it is on the verge of calling in administrators.
In a statement, the group, which has until midnight on Friday to reach a deal, said “insufficient alignment and agreement has been achieved”, adding: “The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders.
“This is likely to involve the appointment of administrators. A further announcement will be made as soon as possible.”
The group, which also owns Lakeside in Essex, confirmed earlier this week that it had put KPMG on stand-by to act as administrators.
It is hoping to arrange a so-called standstill agreement with lenders and warned that if it cannot reach a deal “there is a risk that centres may have to close for a period”.
The collapse of the heavily-indebted group, which has suffered a plunge in revenues due to the lockdown, would place thousands of jobs at risk.
Intu’s centres are
- intu Braehead Glasgow
- intu Broadmarsh, Nottingham
- intu Chapelfield, Norwich
- intu Derby
- intu Eldon Square, Newcastle
- intu Lakeside, Essex
- intu Merry Hill, West Midlands
- intu Metrocentre, Gateshead
- intu Milton Keynes
- intu Potteries, Stoke on Trent
- intu Trafford Centre, Manchester
- intu Uxbridge
- intu Victoria Centre, Nottingham
- intu Watford
- Manchester Arndale
- The Mall, Cribbs Causeway
- St David’s, Cardiff