Intu has called in PricewaterhouseCoopers to advise on restructuring its balance sheet as it seeks fresh capital.
PwC will work alongside Intu’s existing advisors to balance the sheets and tap investors for a cash injection, Sky News reports, as the group’s rental income continues to plummet.
Earlier this month the shopping centre operator, which owns eight of the UK’s largest retail malls including the Trafford Centre , said money from tenants will be around 9 per cent lower for 2019, and is likely to dwindle further in 2020, though at a slower rate.
More than half that decline comes as a result of CVAs secured by some of its biggest renters, the disgraced Philip Green’s Arcadia among them, which Intu strongly contested and helped secure better terms for landlords.
The move comes as Christmas shopping season hits full swing, though recent findings by the British Retail Consortium suggest shopping centres have been the worst hit this year by falling footfall. In September the number of visitors dropped 3.2 per cent, and even retail parks, which have generally fared better than high streets and malls, took a slight dent of 0.1 per cent.
Intu’s shares have fallen more than 80 per cent in the past year, leading many commentators to speculate over the potential of a takeover.