Shopping centre giant Intu likely to appoint administrators

Image copyright Intu

The owner of some of the UK’s biggest shopping centres, Intu, has warned that it is likely to call in administrators.

The firm, which owns Manchester’s Trafford Centre and the Lakeside complex in Essex, said it had not reached an agreement in financial restructuring talks with its lenders.

Intu warned earlier this week that its troubles could see entire sites shut.

The company is the UK’s biggest shopping centre group, with 17 centres in the UK and three in Spain.

Intu has already lined up administrators KPMG as a «contingency» in case financial restructuring talks with lenders fail.

About 132,000 jobs in the company and in its wider supply chain will be in question should the firm fall into administration.

The company had been struggling before the coronavirus outbreak to fill outlets in some of its centres, and had debts of about £4.5bn.

Intu’s centres were partially shut during the coronavirus lockdown, with only essential shops remaining open.