The owners of the Trafford Centre, Intu, have announced they are ‘likely’ to go into administration after talks about the future of the company have failed.
The company made headlines this week due to its struggles with £5bn debt, with the future of the company up in the air.
Earlier this week the Intu confirmed they had put KPMG on standby as administrator, and was reported to be negotiating deals with lenders.
The company has now issued a new statement saying that these talks look to have been unsuccessful.
Intu says it is likely to make a further announcement ‘as soon as possible’, with a key agreement with creditors expiring on Friday at 11:59pm, the Manchester Evening News reports.
This uncertain future could lead the Trafford Centre to temporarily close. The company warned if it went into administration ‘there is a risk that centres may have to close for a period’.
In a statement, 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.”
Intu – which was already under financial pressure – has struggled in the coronavirus pandemic. In May, they threatened ‘robust action’ against large tenant businesses who haven’t paid rent throughout the lockdown.
The company says that 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.
Intu Properties own nine of the country’s top 20 shopping centres and has been struggling for some time due to a shrinking high street market.
In 2018, the company made a £1.2bn loss due to the collapse of several big name retailers, along with many others pushing for insolvency plans to reduce rents known as company voluntary agreements.
On Tuesday this week, as Intu announced that KPMG was working on a ‘contingency plan’ for administration, it said: “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.”
Student suffers severe heart failure after drinking four cans of energy drink a day
‘I believe they are very addictive and far too accessible to young children’
A young man who consumed two litres of energy drink a day was admitted to intensive care with severe heart failure.
According to a leading medical journal, the university student landed himself in hospital after drinking four cans of energy drink per day.
The 21-year-old spent nearly two months in intensive care due to heart failure, with the British Medical Journal stating this was ‘potentially related to excessive energy drink consumption’ in a report.
According to the report, the man drank four 500ml energy drinks every day for two years, becoming so ill that medics thought he might require an organ transplant.
The patient went on to describe his medical episode as ‘traumatising’, eventually seeking medical help after he suffered from weight loss and shortness of breath for roughly four months.
Doctors performed blood tests, scans, and ECG readings, and found that he had both kidney and heart failure – however, the kidney failure was discovered to be linked to a previously undiagnosed condition.
Each energy drink the man was consuming contained around 160mg of caffeine, and medics said that ‘energy drink-induced cardiotoxicity’ was the most likely cause of the severe heart failure.
In the report, the authors from Guy’s and St Thomas’ NHS Foundation Trust wrote: “We report a case of severe biventricular heart failure potentially related to excessive energy drink consumption in a 21-year-old man.”
They said the conclusion to their report ‘adds to the growing concern in the literature about the potential cardiotoxic effects of energy drinks’, adding that the man’s heart function seems to have returned to normal nine months later but with ‘mildly impaired function’.
The recovered patient added his own thoughts to the article, saying: “When I was drinking up to four energy drinks per day, I suffered from tremors and heart palpitations, which interfered with my ability to concentrate on daily tasks and my studies at university.
“I also suffered from severe migraine headaches which would often occur during the periods when I did not drink energy drink; this also restricted my ability to perform day-to-day tasks and even leisurely activities such as going to the park or taking a walk.”
He added: “I think there should be more awareness about energy drinks and the effect of their contents.
“I believe they are very addictive and far too accessible to young children. I think warning labels, similar to smoking, should be made to illustrate the potential dangers of the ingredients in energy drink.”
Drivers could soon be fined for parking on the pavement under new rules
Make sure you’re aware of the proposed rule changes
A ban on parking on the pavement could soon be implemented across England, under new laws which are expected to be rolled out this year.
Parking on pavements would be a thing of the past, with £70 penalty fines for offenders coming into effect under the proposed new rules.
According to reports, the new legislation would see a ban on antisocial parking introduced, in a bid to make pavements safer for people with disabilities and visual impairments, as well as families.
The changes to the law which are being considered have already been implemented in London and would be rolled out nationwide.
They come in response to complaints about pavement parking and the risks it brings with it to those whose use pavements, with the Department for Transport (DfT) initially launching a proposal on the subject in September 2020.
The proposals came after a review discovered that almost half of wheelchair users and a third of visually impaired people were less willing to go out on the streets alone due to ‘antisocial’ parking on the pavement.
A spokeswoman from the DfT explained to The Mirror that the government is currently collating responses after receiving ‘overwhelming’ feedback.
The public consultation period for the proposals ended back on November 22nd, and as such a decision on the plan is expected imminently.
However, Mark Tongue, director of Select Car Leasing has said that ‘the guidelines are currently quite confusing for motorists’.
The motoring company conducted a report which discovered that local authorities would have the power to dish out £70 fines if a vehicle was considered an obstruction, even if it was parked outside the driver’s house.
Mr Tongue said: “A pavement parking ban is 100% needed nationwide – anything that puts pedestrians at an increased risk requires action.
“However, the information given so far is slightly confusing for drivers. At the moment, there’s no clear guidelines for those who park on the pavement due to having no room on their own drive. Most households have more than one car, so it will be interesting to see where motorists are expected to park if not on the pavement outside their homes.
“Clear guidance is required for drivers so they know the correct location to park in order to avoid a fine.”
Operation Forth Bridge: the full plan for what happens next after Prince Philip’s death
Buckingham Palace confirmed the sad news of his passing earlier today
Buckingham Palace announced this afternoon that HRH Prince Philip, The Duke of Edinburgh has died.
The 99-year-old, who would have celebrated his 100th birthday in June, passed away peacefully at Windsor Castle this morning, Friday April 9th.
Buckingham Palace said: “It is with deep sorrow that Her Majesty The Queen has announced the death of her beloved husband, His Royal Highness The Prince Philip, Duke of Edinburgh.
“His Royal Highness passed away peacefully this morning at Windsor Castle.
“Further announcements will be made in due course. The Royal Family join with people around the world in mourning his loss.”
There were already strict procedures put in place for when Prince Philip died, which have now begun, and they’re known as Operation Forth Bridge.
According to the plan there are several steps that need to be followed, including everything from national mourning to a burial site for the Duke.
Operation Forth Bridge has been around for many years, with Buckingham Palace, in consultation with both the Queen and Prince Philip, regularly updating and reviewing it.
Part one of the operation was the announcement from Buckingham Palace confirming the death of the Duke, which was distributed to the Press Association and BBC first.
Then the country enters a period of national mourning, meaning a set of rules, like flags being flown at half-mast, must be followed.
According to reports, it’s thought newsreaders and other TV presenters must wear black out of respect.
Next, plans for the funeral will be drawn up, and while Prince Philip is entitled to a state funeral he reportedly wanted something more discreet – a private service in the style of a military funeral at St George’s Chapel in Windsor, followed by burial at Frogmore Gardens.
The funeral is still expected to be televised despite the current restrictions, although it remains unclear how many people will be able to attend it.
The Queen’s private secretary and senior adviser, Sir Edward Young, will be on hand to help her during the undoubtedly challenging days ahead.
As well as being responsible for supporting the Queen in her duties, Sir Edward is also the channel of communication between the Queen and the government.