Business

Intu falls into administration

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The owner of Intu Trafford Centre in Manchester and Intu Metrocentre in Gateshead has appointed James Robert Tucker, Michael Robert Pink and David John Pike of KPMG as joint administrators. 

The group’s shopping centres, held in separate operating companies, will continue to trade. 

KPMG previously warned creditors they would need to provide £12m to cover the administration process, or risk the short closure of some centres. 

Trading shares in the company have been suspended with immediate effect. 

Intu had been hoping to secure standstill agreements on loan payments due today, however, announced that ”insufficient alignment and agreement has been achieved on such terms”.

Intu directly employs nearly 3,000 people with a further 102,000 people working in its 17 UK shopping centres.

At this week’s rent quarter day early figures show that UK retailers paid just 13.8% of their rent. Intu has predicted a £180m fall in its rental income for 2020

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