Intu has drafted in a chief restructuring officer in a bid to beef up its turnaround efforts.

The ailing shopping centre owner has appointed turnaround specialist David Hargrave – a former partner at both PwC and EY – to the new role as it battles to revive its fortunes.

Earlier this week it emerged that the embattled landlord could lose control of key shopping centres, including the Victoria Centre in Nottingham and Lakeside in Essex, after bondholders hired law firm Clifford Chance and investment bank Moelis & Company to advise on the £1.3bn debt pile secured against Intu’s centres.

Intu, which operates 14 shopping centres across the UK, is grappling to bring its ÂŁ4.5bn debt pile under control.

Its financial situation has worsened during the coronavirus. Its centres have been partially closed, with only essential stores remaining open, and a number of retailers have refused to pay rents.

Intu received just 29% of payments that were due from its tenants on the last quarterly rent day in March. The landlord warned that as a result, it would breach the terms of some of its debt commitments. To date, it has received 40% of the rents and service charges it is owed and it has started offering tenants monthly rents until the end of 2020.

But Intu hit out at “a very small number” of companies that “are not currently engaging with us to find a consensual solution” over its rent bills.

It said the tenants in question were “large, well-capitalised brands who have the ability to pay but have chosen not to”.

Intu insisted it was “prepared to take more robust action” to enforce the terms of those leases.

The property giant said this morning it had agreed to waivers on a number of potential covenant breaches, including those on its revolving credit facility. Intu said the waiver will last until June 26.

The company said it marked “another step forward” and reiterated that it would continue to “explore all options” as it bids to fix its balance sheet.

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