Shopping centre giant that owns Glasgow's Braehead warns it may go bust

The owner of the vast ­Braehead shopping and leisure complex on the outskirts of Glasgow has warned that it could go bust if it cannot raise further funds amid massive annual losses.

Intu owns nine of the top 20 shopping centres in the UK, including Braehead on the outskirts of Glasgow. Picture: Contributed

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.

But 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.