Intu collapses into administration

Grant Prior 2 years ago
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Shopping centre owner Intu has lost its battle for survival calling in administrators from KPMG.

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

The firm, which was building Nottingham’s Broadmarsh Centre and owns the Trafford Centre, the Lakeside complex, and Braehead, failed today to reach an agreement in financial restructuring talks with its lenders.

Under the arrangement shopping centres continue to trade while KPMG tries to sell assets.

Today Intu said: “Discussions have continued with the intu Group’s creditors. Unfortunately, insufficient alignment and agreement has been achieved on such terms.”

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.

Work at the new Broadmarsh bus station, car park and library is progressing well under Nottingham City Council.

Intu runs 17 shopping centres across the country.

Its 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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