Retail Shopping Owners Intu Enter Administration

[Stephen_G]

https://www.bbc.com/news/business-53195980

They own the likes of the Metrocentre in Gateshead and Eldon Square in Newcastle, among others...

[archibaldy]

The back end of 2020 is going to be a bloodbath for business. Apart from the social aspects of lower trade the increased costs that COVID and Brexit will add to doing business is going to drive many large and small companies to the wall.

[Bobbisox1]

They got too greedy with the rents Stephen

[dannyk13]

And the Trafford Centre in Manchester.

[andy-hughes]

They own The Potteries Centre in Hanley as well.

Administration doesn't mean the end of the business, a rescue package will probably be sorted out.

[mushroom25]

they were in trouble before COVID - by the end of February, their debt was £4.5bn. once unit operators began rent deferrals into March it was pretty much game over.

whilst they are sole owners of Trafford and Potteries, Eldon Square is 40% owned by the city council.

[Deskdiary]

Hmm, I’m not so sure Bobbisox1.

The shops were allowed to defer their rent, but property owners were not given any assistance, and yet they still had their fixed costs to pay, interest on loans, many pension schemes are invested in property and so on.

[Mamyalynne]

There's only so long anything can hold out with locked doors and low or no footfall, hopefully a rescue will come along in part at least.