News
Trafford Centre might be forced to close as owners Intu ‘prepare administration plan’
Just in…
Intu, the owner of the Trafford Centre, has warned that the shopping centre may be forced to shut.
Intu has appointed KPMG to prepare a contingency plan for administration and has warned shoppers the famous Trafford Centre might be forced to close, the Manchester Evening News reports.
Intu Properties is currently struggling with £5bn debt and remains locked in crunch talks with lenders after being hard hit from the coronavirus pandemic.
The group also owns Lakeside shopping centre in Essex, and confirmed today they have KPMG on standby as administrator. It is currently negotiating details with lenders as it looks to secure breathing space ahead of a looming deadline on Friday.
Intu is hoping to arrange a ‘standstill agreement’ on terms of up to 18 months but said it’s likely this will only be 15 months.
Its lenders have explain that ‘there is a risk that centres may have to close for a period’ if they cannot reach an agreement.
Intu Properties is trying to negotiate a freeze on loan repayments, however increasing demands from landlords is reportedly making this unlikely.
The company put agreements with creditors on hold to ride out the coronavirus pandemic at the start of June, wavering debts until June 26th, however, according to reports it expects to breach debt commitments by this deadline amid falling falling rental payments.
The company announced in May ‘robust action’ against large tenant businesses who haven’t paid their rent during the coronavirus lockdown.
For the first quarter of the year, the company only received 40% of rent and services charges which were due by the end of March 2020.
The firm, which lost £2bn in 2019, warned in March it could collapse if it cannot find further funds.
A statement by Intu on May 18th said that: “in particular looking to achieve stability through standstill-based agreements with relevant financial stakeholders across its structures, at both the asset and group level.”
The standstill strategy statement says: “At this stage it is not expected that the duration will exceed 15 months.
“How the operations of individual centres are to be funded. Some centres haver educed rent collections as a result of Covid-19 and cash trapped under their financing arrangements which restrict their ability to pay for support (such as shopping centre staff) from other entities in the Intu group.
“Securing additional funding in centres funded by bond structures is more difficult to achieve and, in this connection, consent will be sought shortly from the stockholders of Intu Debenture PLC to authorise the trustee to release certain monies within the existing debt structure to be used for short term liquidity needs.
“Other centres may also require cash injections for these purposes. This all remains subject to further negotiations, with no certainty as to whether Intu will achieve a standstill, or on what terms or for what duration.
“Further announcements will be made as appropriate. Notwithstanding the progress made with lenders, Intu has also appointed KPMG to contingency plan for administration. In the event that Intu Properties plc is unable to reach a standstill, it is likely it and certain other central entities will fall into administration.
“In this situation, all property companies would be required to pre-fund the administrator to provide central services to the shopping centres. If the administrator is not pre-funded then there is a risk that centres may have to close for a period.”
Intu Properties own nine of the country’s top 20 shopping centres and has been struggling with the shrinking high street retail market for some time.
Intu is laden with debts estimated to be around £5bn. The value of the shopping centres have fallen by £1.9bn due to the down turn of the market.
News
Oasis announce huge reunion tour as Liam and Noel Gallagher ‘make peace’
The news we’ve all been waiting for!
After years of will-they-won’t-they speculation, Oasis are officially BACK together for a reunion tour.
The Gallagher brothers have put aside their differences in the name of music, making thousands of fans extremely happy in the process.
The band teased the news on their socials over the weekend, posting a video on Sunday morning with today’s date (Tuesday, August 27th) and the time 8am.
And now shows have been announced for multiple dates in the UK and Ireland, with tickets going live this Saturday, August 31st.
The legendary Mancunian rockers will take to the stage next summer, with gigs in Cardiff, London, Edinburgh, Dublin and, of course, Manchester.
15 years after splitting, the band confirmed they would be back for 14 shows, saying: “The guns have fallen silent. The stars have aligned. The great wait is over. Come see. It will not be televised”.
The gigs will be Oasis’s ‘only shows in Europe next year’, with tickets on sale this Saturday at 8am in Ireland and 9am in the UK.
The Oasis 2025 tour dates in full:
July
4th – Cardiff, Principality Stadium
5th – Cardiff, Principality Stadium
11th – Manchester, Heaton Park
12th – Manchester, Heaton Park
19th – Manchester, Heaton Park
20th – Manchester, Heaton Park
25th – London, Wembley Stadium
26th – London, Wembley Stadium
August
2nd – London, Wembley Stadium
3rd – London, Wembley Stadium
8th – Edinburgh, Scottish Gas Murrayfield Stadium
9th – Edinburgh, Scottish Gas Murrayfield Stadium
16th – Dublin, Croke Park
17th – Dublin, Croke Park
You can grab your tickets HERE.
News
Stagecoach hiring over 100 new bus drivers for Bee Network with £31k salaries
Fancy a career change?
Stagecoach Manchester is hiring over 100 new bus drivers to work from its Oldham depot, following the second phase of the Bee Network launch in March.
You can apply for a range of roles, from positions with no experience required to fully qualified bus drivers.
Successful applicants will receive full training as part of the job, and trainees will get paid to train. Then after only 12 months’ service at Stagecoach, drivers can expect to earn up to £16 per hour, which equates to £31.6K per year, before overtime.
As well as that, drivers that already hold a PCV licence may be eligible to receive a £1,200 joining bonus.
Stagecoach
There’s also a host of other benefits available to all Stagecoach employees, like 28 days paid holiday, generous pension and free Stagecoach bus travel for successful applicants and a companion.
Rob Jones, Managing Director at Stagecoach Manchester said: “Expanding our offering in Oldham means we’ll be investing more in the economy and supporting our local community, as well as strengthening our workforce.
“Whether you’re looking for a career change or you’re a fully qualified, experienced bus driver, there’s a role for everyone here in Oldham.
“We’re looking for personable and dedicated drivers who are ready to help us build on the success of the Bee Network and connect the people of Oldham and Greater Manchester with the places and people that are important to them.”
Stagecoach
Phil Cornwall, bus driver at Stagecoach Manchester, said: “I’ve been a driver at Stagecoach for 25 years and I couldn’t recommend it more.
“From the perks to the people to the passengers, it really is a great place to work.”
To apply, head to the Stagecoach website HERE.
Two men have now been charged with murder, following the discovery of a human torso in Kersal Dale.
As well as that, more suspected human remains were also discovered this morning, Monday April 29th, in an alleyway close to the railway lines off Worsley Road, Eccles.
This follows earlier discoveries of human remains over the past three weeks, at Kersal Dale, Blackleach Reservoir and Colliery Wood, all in Salford.
Greater Manchester Police
Michal Jaroslaw Polchowski (25/04/1956) and Marcin Majerkiewicz (10/04/1982) both of Worsley Road, Eccles, have been charged with murder.
They are set to appear at Tameside Magistrates Court this afternoon.
While formal identification is still ongoing, the remains found at Kersal Dale are believed to be of a local man in his 60s. The remains found at the other three locations are still to be tested, but police are confident they belong to the same victim.
ACC Sarah Jackson said: “We have had large numbers of officers, staff and specialists working diligently on this investigation over the last three weeks. It has been very much a large, collective effort, with the victim and family at the heart of it from the outset.
“We have specially trained officers deployed to support the family as they come to terms with this tragic news. They are aware of this morning’s further discovery and will continue to be kept up to date with how we are progressing.
“Despite the charges brought today, our work is far from over.
“The scenes we already have established in Bury and Salford will remain in place for much of this week whilst our searches and enquiries continue. Local officers will continue to patrol the impacted areas to provide reassurance.
“We will continue following every line of enquiry to recover and reunite the victim with his family, bringing a dignified end to this terrible scenario.
“I’d like to thank the communities of Salford and beyond for their cooperation throughout this investigation. I know this incident has come as a shock, and the support we’ve had from those in the area is very much appreciated.”
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