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Intu to Call in Administrators

Intu To Call In Administrators
26 June 2020 | Updated 30 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 26 June 2020

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