Intu could lose centres

Intu bondholders plans could see centres in Essex, Glasgow, Watford, and Nottingham seized

Written by Georgie Dobie

Posted 01.05.2020 | Retail

Intu could lose centres thumbnail

Plans reportedly drawn up by bondholders, could see Intu lose some of its key retail assets as early as June.

React News reported that law firm Clifford Chance and investment bank Moelis & Company have been appointed to advise bondholders of £1.3bn of debt secured against some of Intu’s centres. 

Lakeside in Essex, Braehead in Glasgow, Watford in Hertfordshire and the Victoria Centre in Nottingham could be seized if Intu breaches debt covenants in June. 

After it received less than one-third of UK quarterly rent payments, Intu had already warned that it may breach debt covenants in July.  

It received just 29 per cent of rent due across its centres in the UK, compared with 77 per cent of rent for the same quarter last year. 

The outbreak of Covid-19 has undoubtedly contributed to a decline in rental income. 

Intu employs about 2500 people and owns 14 shopping centres in the UK. 


Chancellor announces plans to wind down job retention scheme thumbnail

Chancellor announces plans to wind down job retention scheme

Employers will be expected to pay “only a modest contribution, introduced slowly over the coming months,” said Rishi Sunak, as ...

Pokémon announces expansion to its trading card game thumbnail

Pokémon announces expansion to its trading card game

Charizard and Eternatus make their Pokémon VMAX debut in the Pokémon Trading Card Game, Sword & Shield – Darkness Ablaze

House of Fraser to reopen stores after Sports Direct, Flannels and Jack Wills thumbnail

House of Fraser to reopen stores after Sports Direct, Flannels and Jack Wills

Frasers Group is to reopen Sports Direct, Flannels and Jack wills stores in England on 15 June and plans to ...

Press Releases

Radio silence broken on Novel Entertainment’s new Horrid Henry podcast thumbnail

Radio silence broken on Novel Entertainment’s new Horrid Henry podcast

The first podcast based on the award-winning Horrid Henry TV series will launch this week under new ‘Horrid Henry Unlocked’ ...

APC Kids signs trio of deals for CTC Media’s Kid-E-Cats thumbnail

APC Kids signs trio of deals for CTC Media’s Kid-E-Cats

New deals sees hit property’s footprint expand in Asia, Latin America and North America

Live the track with the Lego Technic Ducati Panigale V4 R thumbnail

Live the track with the Lego Technic Ducati Panigale V4 R

The Lego Group has revealed its latest Lego Technic model – the Ducati Panigale V4 R

Have a field day with Britains’ New Holland Tractor! thumbnail

Have a field day with Britains’ New Holland Tractor!

Tomy has revealed the latest launch from Britains – a New Holland T8.435 Tractor