Intu CEO Matthew Roberts steps down following administration
Intu chief executive Matthew Roberts has reportedly resigned a week after the shopping centre owner collapsed into administration.
Staff were informed by administrators KPMG of Roberts’ resignation Sky News reported.
Roberts’ exit follow news of administrators keeping hold of key Intu operational staff to guarantee it is able to run its 17 UK shopping centres.
Before being promoted to CEO, Roberts had been Intu’s finance chief.
The struggling shopping centre chain has seen its growing troubles exasperated by the current Covid-19 pandemic. The group has 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.
The quarterly rent day for Q2 fell last week and, according to Re-Leased, landlords collected just 13.8% of rents due from retailers on the day with more expected to be recovered in the coming weeks.
Intu employs about 3,000 staff across the UK, while a further 102,000 work for the shops within its 17 shopping centres.