Business

The Monday Briefing: Primark, Intu, Sunday trading

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Primark: Primark has reportedly resumed paying rent to a select number of landlords, however, has forced them to sign non-disclosure agreements (NDAs) as it is refusing to pay others.

The retailer has been in talks with landlords to agree rent payments in a handful of cases ahead of reopening on 15 June, The Sunday Times reported.

A Primark spokeswoman told Drapers: ”Confidentiality agreements are standard practice … [where talks are commercially sensitive]. To infer otherwise in this scenario would be simply inaccurate.”

This week the government is set to publish a code of practice ahead of the next quarterly rent payment later this month.

Intu Properties: Shopping centre owner Intu has reportedly put KPMG on standby to handle a potential administration if talks with its lenders fail.

Intu is seeking an 18-month payment break from its lenders from upcoming covenant test and payments on debt facility maturities, Sky News has reported.

The firm owns 17 UK centres including Manchester’s Trafford Centre and Metrocentre in Gateshead. It employs 2000 staff.

Intu has been contacted for comment.

Sunday trading laws: The government could suspend Sunday trading laws for a year amid the ongoing coronavirus crisis, to stimulate the economy.

Prime minister Boris Johnson, chancellor Rishi Sunk and business secretary Alok Sharma are said to support the measure according to The Sunday Times.

The new legislation would allow larger supermarkets to open for more than six hours on Sundays.

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