Shopping centre owner Intu warns it is on verge of administration

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

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