Intu puts administrator KPMG on standby

UK shopping centre operator Intu has reportedly put accountancy firm KPMG on standby to act as administrator.

KPMG will be handling an insolvency process if lenders refuse to grant Intu the 18-month standstill it has requested, Sky News reports.

Intu employs around 2,000 people.

The firm, which operates Manchester’s Trafford Centre and Lakeside in Essex, has been hard hit by the Covid-19 pandemic.

This month, it announced it expects to collect 310 million pounds worth of rent this year - that’s 181.6 million pounds less than it collected for 2019.

In March, Intu warned it might collapse after reporting a loss of 2 billion pounds.

For the year ended December 31, its revenues dropped by 38.8 percent to 542.3 million pounds.

Photo credit: Intu Lakeside

 

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