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Intu admits it’s ‘likely’ to call in administrators, putting Lakeside and Trafford Centre at risk

Britain’s biggest shopping centres including Lakeside and the Trafford Centre could close as owner Intu admits it’s ‘likely’ to call in administrators

BREAKING: 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. 

The company owns 17 shopping centres across the UK along with three more in Spain. 

Intu runs 17 shopping centres across the UK, including the Trafford Centre in Manchester 

 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, 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’.

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.

Read more at DailyMail.co.uk


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