intu enters administration

The company said its shopping centres will continue to trade despite its insolvency

Written by Georgie Dobie

Posted 29.06.2020 | Retail

intu enters administration thumbnail

Shopping centre owner intu has entered administration, after failing to secure an agreement with its creditors.  

intu, which owns 17 shopping centres in the UK, as well as a shopping centre and development site in Spain, has been struggling for some time and its difficulties have been compounded by the coronavirus pandemic.   

Last week, intu issued an update ahead of the revolving credit facility covenant waiver expiry at 23:59 on 26 June 2020. The company said that it was continuing discussions with the intu Group’s creditors in relation to the terms of standstill-based agreements. The company has since issued a further announcement, advising that sufficient alignment and agreement on such terms has not been achieved. 

To protect the interests of its stakeholders, intu has appointed James Robert Tucker, Michael Robert Pink and David John Pike of KPMG as joint administrators to intu and several other key central entities in the intu Group. The London Stock Exchange has also suspended the listing and trading of intu’s ordinary shares.  

However, intu has said that its shopping centres, which are held in separate operating companies, will continue to trade. The company’s statement said that the intu Group’s relationships with its tenants are with these operating companies, not the companies entering administration. 

The shopping centre operating companies have or are expected to enter into transitional services agreements with the administrators of the central entities to ensure continuity of service provision by the central entities to the individual shopping centres. 

Smart Games unveils two new brain busters thumbnail

Smart Games unveils two new brain busters

Cube Duel and Plug & Play Puzzler join the Smart Toys and Games portfolio

HRH The Princess Royal reads Thomas and the Royal Engine thumbnail

HRH The Princess Royal reads Thomas and the Royal Engine

The Princess Royal marks the end of Save the Children’s Save With Stories initiative with the tale of Thomas the ...

Lego puts pop art back in the picture thumbnail

Lego puts pop art back in the picture

New Lego Art sets featuring Marvel and Star Wars characters and famous celebrities help adults get into the right ‘frame’ ...

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