Administrators on standby as Intu seeks funding deal

Grant Prior 1 week ago
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Shopping centre owner Intu has put administrators at KPMG on standby in case financial restructuring talks fail.

McAlpine's revamp of intu Broadmarsh has stalled
McAlpine's revamp of intu Broadmarsh has stalled

Intu said it has “appointed KPMG to contingency plan for administration” as discussions continue with lenders.

Work stopped in March at Intu’s £86m revamp of the Broadmarsh Centre in Nottingham where Sir Robert McAlpine is main contractor.

Work has not restarted on the job and demolition specialist Coleman blamed cancellation of a major contract on the site for having to lay off 50 staff.

Intu has until Friday to reach a new agreement with lenders.

The company runs 17 shopping centres across the country.

Intu’s current development plans show a spending commitment of £141m over the next two years.

At intu Broadmarsh in Nottingham £68m of work is yet to be completed.

Vinci is also completing the revamp of the Trafford Centre and mac-group is working on a £12m scheme to modernise the external façade at Merry Hill Shopping Centre in Dudley.

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