intu goes into administration

The owner of intu Merry Hill and intu Watford has gone into administration – the future of 17 shopping centre owned by intu is unclear.

The company had not reached an agreement in financial restructuring talks with its lenders.

The shopping centre giant is believed to have debts of around £4.5 billion.

They recently revealed they had been hit by significantly lower rent payments from shop tenants during the coronavirus crisis.

It’s said its 17 shopping centres will continue trading under administrators KPMG – but future closures cannot be ruled out.

Across the UK, intu employs around 3,000 staff, while a further 102,000 work for the shops within its shopping centres.

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