{"id":166761,"date":"2020-06-26T14:38:00","date_gmt":"2020-06-26T14:38:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/intu-confirms-appointment-of-administrators\/"},"modified":"2021-08-06T12:06:19","modified_gmt":"2021-08-06T12:06:19","slug":"intu-confirms-appointment-of-administrators","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/intu-confirms-appointment-of-administrators\/","title":{"rendered":"Intu confirms appointment of administrators"},"content":{"rendered":"

Shopping centre operator Intu has confirmed the appointment of administrators after failed crunch talks with its lenders.<\/p>\n

<\/p>\n

The owner of sites such as the Trafford Centre in Manchester and Lakeside in Essex<\/strong> said it has applied to appoint administrators from KPMG, after warning earlier today that it was on the verge of collapse.<\/p>\n

The confirmation came minutes after the London Stock Exchange suspended shares in the listed firm.<\/p>\n

However, the company said its shopping centres would continue to trade for the time being<\/strong> despite its insolvency.<\/p>\n

Intu had been in a desperate scramble to agree a \u201cstandstill\u201d on its current loan agreements.\u00a0Earlier today the group said<\/a> it was likely to appoint administrators, as it remained unable to agree the terms of such a deal with its creditors.<\/p>\n

In a statement, the group, which had until midnight on Friday to reach a deal, said \u201cinsufficient alignment and agreement has been achieved\u201d.<\/strong><\/p>\n

Earlier this week, Intu said it put the administrators from KPMG on stand-by as it looked to secure a deal ahead of the midnight deadline on its current loan covenants.<\/p>\n

The group has struggled under a \u00a34.5 billion debt burden for the past year,<\/strong> but has been hammered by significantly lower rent payments from retail tenants since the coronavirus outbreak.<\/p>\n

The quarterly rent day for Q2 fell this week and, according to Re-Leased, landlords collected just 13.8% of rents<\/a> due from retailers on the day with more expected to be recovered in the coming weeks.<\/p>\n

Intu employs about 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.<\/p>\n

It warned on Tuesday that its malls may be forced to shut<\/strong> if it was unable to secure the standstill agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

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