Shopping centres under threat as intu faces administration

Intu has indicated today that talks with lenders have failed to reach agreement and that administrators are likely to be called in. The retail giant has until midnight tonight to reach a deal.

According to intu: “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.”

If intu does indeed go into administration, many of the nations biggest retail parks are likely to be affected, such as Metrocentre in Gateshead, Trafford Centre in Manchester and Lakeside in Essex.

Intu has appointed KPMG as a contingency plan for administration.

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