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 ArticleThe 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.
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."
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
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 ArticleThe 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 ArticleEuropean retail giant TK Maxx will open a second Oxford Street store at Mount Royal, leased by Great Portland Estates. The retailer will take 22,500 sq ft across the...
Read Full ArticleGMS Group has won a contract to provide FM services at several of Colliers’ Gloucester client sites. Colliers is the managing agent for Gloucester City Council...
Read Full ArticleThe Shrewsbury and Telford Hospital NHS Trust has opened the world’s first checkout-free store using Amazon’s Just Walk Out technology in a healthcare...
Read Full ArticleBuilding and property maintenance company Wates is to deliver three large-scale fit-out contracts on behalf of Marks and Spencer. Wates will work across three stores...
Read Full ArticleBarings, a subsidiary of MassMutual, is to acquire a portfolio of logistics properties from NFU Mutual in a deal worth £234 million. The eight assets are all...
Read Full ArticleAn iconic 1930s former retail unit has been transformed into a church and community centre within the new city of Wrexham. The project has been named “Best...
Read Full ArticleAmazon is looking to sublet or terminate leases of excess warehouse space due to a drop in online shopping, says Bloomberg. According to the news report by Bloomberg,...
Read Full ArticleHarrods, the Knightsbridge luxury department store, has solved one of its biggest FM challenges by diverting tonnes of its used paper hand towels from general...
Read Full Article