Watford Observer

intu enters administration after failed talks with lenders - recap

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Shopping centre owner intu goes into administration - live

By James Cowen

Last updated:

    intu announced that it has entered administration after failed talks with lenders.
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  • However, it said its shopping centres, including the one in Watford, will continue to trade for the time being.
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  • The shopping centre owner said it has applied to appoint administrators from KPMG, after warning earlier today that it was on the verge of collapse.
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  • The group had until midnight today to reach a deal but this afternoon, it said “insufficient alignment and agreement has been achieved”.
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  • The group has struggled under a £4.5 billion debt burden for the past year, but has been hammered by significantly lower rent payments from retail tenants since the coronavirus outbreak.
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  • Thousands of jobs are at risk, with the group employing about 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.
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  • Watford Borough Council owns a seven per cent stake in intu Watford, and also has the freehold on the site.
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