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| Shopping centre giant Intu enters administration | |
| (32 minutes later) | |
| The owner of some of the UK's biggest shopping centres, Intu, has called in administrators. | |
| The firm, which owns the Trafford Centre, the Lakeside complex, and Braehead, said earlier it had not reached an agreement in financial restructuring talks with its lenders. | The firm, which owns the Trafford Centre, the Lakeside complex, and Braehead, said earlier it had not reached an agreement in financial restructuring talks with its lenders. |
| Its centres will stay open under administrators KPMG. | Its centres will stay open under administrators KPMG. |
| The company said shares listed on the London and Johannesburg stock exchanges had been suspended. | The company said shares listed on the London and Johannesburg stock exchanges had been suspended. |
| The firm said it had appointed three administrators at the KPMG accountancy firm and that "the appointment is expected to become effective shortly". | The firm said it had appointed three administrators at the KPMG accountancy firm and that "the appointment is expected to become effective shortly". |
| The company was one of the UK's biggest shopping centre group, with 17 centres in the UK and three in Spain. | The company was one of the UK's biggest shopping centre group, with 17 centres in the UK and three in Spain. |
| Intu had been struggling even before the coronavirus outbreak with about £4.6bn worth of debt. | |
| According to its annual report, published in March, its debts were worth 68% of its assets, a jump from 53% a year earlier. | |
| It told investors earlier this month that it expected rent collected for 2020 to drop to £310m from £492m a year earlier. | |
| As rent payments dried up and property values fell, its prospects declined. | |
| The company and its wider supply chain support about 132,000 jobs, which will now be in doubt. | |
| Intu's centres were partially shut during the coronavirus lockdown, with only essential shops remaining open. The company had about 60% of shopping centre staff and about 20% of head office employees on furlough. |