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Trafford Centre owner Intu has gone into administration
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The owner of the Trafford Centre, Intu, has gone into administration.
It follows talks with lenders to rescue the company, which have failed.
According to PA: “Intu said it has filed to appoint James Robert Tucker, Michael Robert Pink and David John Pike from KPMG as administrators for the company.”
Intu says the shops in its centres will continue to trade, with the Trafford Centre home to more than 200 shops, restaurants and attractions.
The news came just minutes after the London Stock Exchange suspended shares in Intu.
Jonathan Hutchins
It comes after the company announced they are ‘likely’ to go into administration this morning, after talks about the future of the company failed.
Intu made headlines this week due to its struggles with £5bn debt, with the future of the company up in the air.
Earlier this week Intu confirmed they had put KPMG on standby as administrator, and was reported to be negotiating deals with lenders.
Intu currently owns 17 shopping centres across the UK, including two in Manchester.
Here’s the list:
- 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
- St David’s, Cardiff
- The Mall, Cribbs Causeway
In a statement earlier today, the company said: “On 23 June 2020, Intu Properties plc (“Intu”) provided an update on discussions with key stakeholders to progress its standstill strategy ahead of the revolving credit facility covenant waiver expiry at 11:59 p.m. this evening, 26 June 2020.
“Since that update, discussions have continued with the Intu Group’s creditors in relation to the terms of standstill-based agreements.
“Unfortunately, insufficient alignment and agreement has been achieved on such terms. 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.”