The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Friday, 10 July

Intu to Call in Administrators

Intu To Call In Administrators
26th June 2020
 

The UK's biggest shopping centre group, intu, has revealed that it’s to call in the administrators, with KPMG being appointed.

Updated 15:58 26 June 2020

The group has seventeen shopping centres in the UK, including Lakeside and Trafford Centre. The facilities management of intu properties is managed in-house, according to their website, including security, waste management, cleaning and maintenance.

In an official press release on the morning of 26 June, the company confirmed that discussions with stakeholders was still at a standstill, with a further update revealing that “insufficient alignment and agreement has been achieved.”

Towards the afternoon, intu officially confirmed the application for appointment of administrators and the application for suspension of listing and trading of ordinary shares.

With immediate effect, the Financial Conduct Authority has suspended the listing of intu's ordinary shares on the premium segment of the Official List and the London Stock Exchange has suspended the trading of intu shares on the main market.

The Main Board of the Johannesburg Stock Exchange has also suspended the listing and trading of intu's ordinary shares on the Main Board of the Johannesburg Stock Exchange.

 

Shopping Centres Will Continue To Trade

 

Underlying group operating companies remain unaffected and all shopping centres are to continue to trade, according to the update. The intu Group's relationships with its tenants are with these operating companies, not the companies entering administration:

"The shopping centre operating companies have or are expected to enter into transitional services agreements with the Administrators of the central entities to ensure continuity of service provision by the central entities to the individual shopping centres."

 

Work at £86m Revamp of the Broadmarsh Centre Stalled

 

The Nottingham Post reported in March 2020 that, despite government calls for construction sites to reopen, intu failed to instruct contractor Sir Robert McAlpine to return to work.

The work was part of a £2 billion redevelopment of the city's southside, with Broadmarsh set to be the centrepiece in the new Nottingham gateway.

In March, the company posted £2 billion loss for 2019, an increase from the £1.2 billion lost in 2018.

Picture: A photograph of the intu Victoria centre in Nottingham. Image credit: Retail Gazette

Article written by Ella Tansley – published 26th June 2020

Share



Related Articles

Intu Shares Plummet As Second Offer Falls

In October, Intu Properties declared a £200 million fall in its share value. Now those shares have dropped another 38 per cent on the news that a consortium bidding...

 Read Full Article
Intu The Unknown - Retail Plummets Again

The retail sector took another kicking in the week ending October 26. Intu Properties, the shopping malls owner, has declared a £200 million fall in its value and...

 Read Full Article
Smart Upgrades for all HVAC Units in wilko Stores

wilko, one of the UK’s largest family-owned DIY, homeware and garden retailers, has confirmed it will start rolling out a nationwide upgrade programme for all the...

 Read Full Article
British Land's Chief Executive Grigg To Step Down

British Land has announced that long-serving Chief Executive, Chris Grigg is to step down, less than a year after, the UK's number two by volume property company,...

 Read Full Article
Sainsbury's To Become Net-Zero By 2040

Sainsbury's has committed £1 billion over twenty years to become net-zero by 2040 aligning the firm with the highest ambitions of the Paris Climate Change...

 Read Full Article
Net-Zero 2040 – What Exactly Are Sainsbury's Doing?

Following news of Sainsbury’s £1 billion commitment to become net-zero by 2040, programmes will be implemented across the Sainsbury’s business...

 Read Full Article
Parry Packs A Packet Of Two

Eric Parry Architects, the team behind the proposed tallest building in the Square Mile, have also been instrumental in obtaining planning permission for 1 Liverpool...

 Read Full Article
There's No Place Like Home

Research has revealed that over a third of people are paying too much in housing costs and that younger people and women are the most likely to suffer from the problem of...

 Read Full Article
Magnetic Flooring Attracts Customers

Paul Woolvine, IOBAC CEO, discusses the company’s magnetic flooring solutions, including MagTabs – recent winner at the National Flooring Innovation Awards...

 Read Full Article
Santa Claus Is Coming To Town - Time To Dress To Impress

We've got a guide to snazzing-up uniforms during the festive season with a little help from corporate uniform experts Dimensions. Yes, winter might still be a fair...

 Read Full Article