Britain's biggest shopping centres including Lakeside and the Trafford Centre could close as owner Intu admits it's 'likely' to call in administrators
- Intu Properties is failing to reach a deal with lenders ahead of Friday deadline
- The company owns 17 shopping centres across the UK and three more in Spain
- Thousands of jobs could be at risk as it prepares to call in administrators KPMG
- Lower rent payments during coronavirus crisis put extra pressure on the firm
Britain's biggest shopping centres including Lakeside and the Trafford Centre could close as owner Intu admits it's 'likely' to call in administrators.
Intu Properties has said talks with lenders have failed to reach an agreement and warned that it is on the verge of calling in administrators.
On Tuesday the company, which owns 17 shopping centres, warned malls may be forced to shut if it was unable to secure the standstill agreement.
The Trafford Centre in Manchester is one of 17 shopping centres owned by heavily-indebted company Intu
Lakeside in Essex is another shopping centre owned by Intu, which has until midnight on Friday to reach a deal with lenders
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.'
A source told Sky News it was '90 per cent certain' that Intu would enter administration.
Speaking earlier this week, Intu's operations director Gavin Prior said footfall had risen by more than 300% after shops reopened across its malls, including at the Trafford Centre
The unnamed source, who is thought to be close to negotiations, added: 'There is a glimmer of hope, but only a glimmer.'
The group, which also owns Lakeside in Essex, confirmed earlier this week that it had put KPMG on stand-by to act as administrators.
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'.
Intu Metrocentre in Gateshead is at risk, along with 16 other shopping malls owned by the group
The collapse of the heavily-indebted group, which has suffered a plunge in revenues due to the lockdown, would place thousands of jobs at risk.
The group has struggled under a £4.5 billion debt burden for the past year, but has been hammered by significantly lower rent payments from retail tenants since the coronavirus outbreak.
In May Intu warned it faced 'significant market uncertainty' as a result of the Covid-19 pandemic and resulting lockdown.
Only essential stores have been able to keep open at its 17 centres across the country, until lockdown measures were eased earlier this month.
Intu employs about 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.
After months of locked shops and empty aisles, the easing of lockdown measures saw a 51% surge in customers heading to the high street, new data shows.
Between Monday June 15 and Sunday June 21 the number of shoppers was up compared with the week before but remain at historic lows, according to Springboard.
Across all UK retail destinations, footfall was up 45% despite Wales and Scotland keeping non-essential stores closed.
Footfall increased by more than 300% at Intu shopping centres following the reopening of non-essential retailers.
Gavin Prior, operations director at Trafford Centre owner Intu, said: 'Footfall increased towards the weekend and Saturday and Sunday were our busiest days so far.
'Visitor numbers were up by 321% on last weekend across all Intu centres, with more than half of the stores in our centres now open.'
https://news.google.com/__i/rss/rd/articles/CBMiggFodHRwczovL3d3dy5kYWlseW1haWwuY28udWsvbmV3cy9hcnRpY2xlLTg0NjI0OTcvSW50dS1hZG1pdHMtbGlrZWx5LWNhbGwtYWRtaW5pc3RyYXRvcnMtcHV0dGluZy1MYWtlc2lkZS1UcmFmZm9yZC1DZW50cmUtcmlzay5odG1s0gGGAWh0dHBzOi8vd3d3LmRhaWx5bWFpbC5jby51ay9uZXdzL2FydGljbGUtODQ2MjQ5Ny9hbXAvSW50dS1hZG1pdHMtbGlrZWx5LWNhbGwtYWRtaW5pc3RyYXRvcnMtcHV0dGluZy1MYWtlc2lkZS1UcmFmZm9yZC1DZW50cmUtcmlzay5odG1s?oc=5
2020-06-26 08:17:59Z
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