Shopping centre giant that owns Glasgow's Braehead warns it may go bust
Intu Properties saw losses widen to £2 billion last year from £1.2bn in 2018 with the firm forced to write down the value of its shopping centre sites and properties by £1.9bn after recent retail sector woes.
The group, whose other major retail assets include Manchester’s Trafford Centre, revealed in results there was a “material uncertainty” over its ability to continue as a going concern as it faces a cash crunch, having recently been forced to abandon plans to raise up to £1.5bn to pay down debts.
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Hide AdBut the firm stressed that it had other options, such as alternative capital structures and selling off further assets.
The group, which owns nine of the UK’s top 20 shopping centres, is also looking to secure some breathing space from its lenders, by negotiating covenant waivers.