Intu has warned of the possibility of going into administration amid fears that it may not reach a deal by midnight tonight.
Administration for the owner of some of the UK’s largest shopping centres could place numerous outlets at risk of closing down.
This news comes only days after the company placed administrators on standby.
This week, the company appointed KPMG and announced that “if the administrator is not pre-funded” then centres may have to close.
In an update today, a spokesperson for intu said: “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.”
Like many similar companies, intu has suffered a great loss in revenues due to the current Covid-19 lockdown in the UK. The collapse of the indebted group would place thousands of jobs at risk.
For months, only essential stores were able to keep open at intu shopping centres across the country, until lock-down measures were eased in June.
Which intu shopping centres are at risk?
The company owns 17 shopping centres across the UK, in addition to three more in Spain.
- Braehead Glasgow
- Broadmarsh, Nottingham
- Chapelfield, Norwich
- Eldon Square, Newcastle
- Lakeside, Essex
- Merry Hill, West Midlands
- Metrocentre, Gateshead
- Milton Keynes
- Potteries, Stoke on Trent
- Trafford Centre, Manchester
- Victoria Centre, Nottingham
- Manchester Arndale
- St David’s, Cardiff
- The Mall, Cribbs Causeway
An update will be released as soon as possible.
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