The landlord said this morning that discussions with Link Real Estate Investment Trust over a £1bn emergency cash call had collapsed and the Hong Kong-based firm had informed it of its intention to “no longer participate in a recapitalisation of the company”.

The owner of Lakeside shopping centre said it was still “engaged with shareholders and potential new investors in relation to a proposed equity raise” as it battles to offload £4.7bn in debt at a time when many of its core retail tenants are looking to cut costs and close stores.

Intu shares have plummeted 22.6% to just 13.4p per share. This time last year, Intu shares were worth £1.19.