Intu shopping centres closed: Which intu centres are at risk? Full list

Intu shopping centres closed: Which intu centres are at risk? Full list

Shopping centre owner intu, has been in a desperate scramble to agree a “standstill” on its current loan agreements. With 17 shopping centres in the UK and two in Europe, intu employs around 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.

Intu are hoping to secure a deal with its lenders by midnight on Friday to avoid calling in administrators KPMG.

In a statement, the group, which has until midnight on Friday to reach a deal, said “insufficient alignment and agreement has been achieved”, adding: “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.”

The group confirmed earlier this week it had put KPMG on standby to act as administrators.

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It is hoping to arrange a so-called standstill agreement with lenders and warned that if it cannot reach a deal “there is a risk that centres may have to close for a period”.

The firm has been struggling with £4.5billion worth of debt.

Some are concerned what administration would mean for British high streets, with Harrow MP Kate Osborne voicing her worries for the economy in Tyneside.

Writing on Twitter MS Osborne said: “This could be devastating news for this region’s economy with Intu owning the @intuMetrocentre and @intueldonsquare.

“There is a real possibility that its shopping centres, including those at Trafford Centre, Lakeside and Gateshead’s Metro Centre – could shut their doors.

“Intu’s troubles are indicative of problems affecting the retail property sector which has been having a bad time during the COVID-19 pandemic.

“Similar to other troubled sectors, many of its current problems were firmly trending before the pandemic.

“There is little doubt about the fall from grace of retail property companies. It is not just High Streets that have been suffering, but the owners of the biggest out-of-town shopping centres have seen the value of their property valuations and share prices tumble. The share price of Intu, has fallen by nearly 90 per cent in the past year.”

Full list of Intu shopping centres at risk of closure

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

Published at Fri, 26 Jun 2020 09:36:00 +0000