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Lakeside owner likely to enter administration today

Thousands of jobs could be put at risk if the group collapsed 

The owner of Lakeside shopping centre in Thurrock has warned it is likely to appoint administrators today. 

Intu Properties, which owns 17 shopping centres across the UK, has been unable to reach a standstill agreement during talks with its lenders. 

It would have given the company 18 months before it had to pay back its debts, which total £4.5 billion, but “insufficient alignment and agreement has been achieved on such terms,” according to an Intu spokesperson. 

“The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators,” they added. 

Earlier this week, Intu warned some of its sites, which include the Trafford Centre in Manchester and Metrocentre in Newcastle, may close if administrators were called in. 

The company previously put KPMG on standby as a contingency plan if discussions with lenders failed.  

Thousands of jobs could be put at risk the group collapsed. 

Intu was struggling financially before the coronavirus outbreak, reporting losses of £2 billion in 2019. 

However, the situation is believed to have been made worse by the coronavirus lockdown which saw many properties in the company’s centres temporarily shut. 

For more on this story, and the latest on our other local and national news, listen to Time 107.5FM

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