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Lakeside could close, as owner puts administrators on standby

Lakeside shopping centre in West Thurrock

The company which owns Lakeside shopping centre is warning some of its sites across the UK may have to close if administrators are called in.

intu, which also owns the Metrocentre in Newcastle and Manchester’s Trafford Centre, has confirmed it has put KPMG on standby.

In March, intu warned it could go bust after reporting a £2 billion loss for 2019, with total debts of £4.5 billion.

It is hoping to arrange a ‘standstill agreement’ with lenders, ahead of a deadline on Friday.

That would mean intu would not have to repay its debts for up to 18 months.

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