Intu administration looms as financing talks fail

Intu Metrocentre in Gateshead

Embattled retail landlord Intu has said it is ‘likely’ to appoint administrators as negotiations with its lenders stall.

The retail landlord had aimed to reach a standstill agreement with its creditors, which would have paused financial covenant testing, debt amortisation and credit facility maturity payments up until the end of next year.

Intu’s revolving credit facility is due to expire today and the retail landlord has said that “insufficient alignment and agreement has been achieved” with its lenders for the property firm not to breach its covenants.

Intu, which put KPMG on standby in the event that its financing talks failed, said it is “considering the position of Intu with a view to protecting the interests of its stakeholders” and that process “is likely to involve the appointment of administrators”.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.