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LON250:INTU, Jul 10, 06:09 UTC

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Friday, July 03


News

Intu chief Roberts steps down a week after shopping centre group’'s collapse

INTU

Matthew Roberts steps down as Intu’s boss following the appointment of administrators, Sky News learns. The chief executive of Intu Properties, Britain's biggest shopping centre owner, has left the company a week after it crashed into insolvency proceedings. Sky News has learnt that KPMG, which is handling Intu's administration, informed the company's employees on Friday that Matthew Roberts had decided to leave the role he had held since April last year. The announcement about Mr Roberts' exit comes as the administrators retains key Intu operational staff to ensure the continued smooth running of its 17 UK shopping centres, which include the Trafford Centre in Manchester and Lakeside in Essex.

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Monday, June 29


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Intuit (INTU) Prices Senior Notes Offerings Worth $2 Billion

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The last tranche of $500 million worth of senior notes has annualized interest rate of 1.65% and maturity in 2030. Per the company, J.P. Morgan, BofA Securities, MUFG, US Bancorp, Wells Fargo Securities and Scotiabank are acting as joint book-running managers for the offering. At the end of third-quarter fiscal 2020, Intuit’s cash and cash equivalents totaled $3.97 billion compared with the $2.27 billion witnessed at the end of the second quarter. Huge cash balance, along with the latest senior notes offerings, will provide Intuit ample liquidity and financial strength to survive amid the coronavirus crisis.

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News

Intu Watford: The latest update about vouchers and gift cards as company enters administration - HertsLive

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Administrators working with intu Watford, formerly known as the Harlequin Shopping Centre, have issued an update on the use of vouchers and gift cards after the company collapsed last week. Intu Properties owns and operates 17 centres, including some of the most popular shopping locations in the UK, including the Trafford Centre and Lakeside in Essex. Access to lots of FREE tools to help stabilise your business and start making up for lost time is just one newsletter sign up away. As part of our #IAmOpen community to help and support small businesses owners like you, you will get a regular newsletter from our journalists plus we'll let you know how you can:. A spokesperson for EML Payments Europe Limited said: "Intu gift cards are issued by EML Payments Europe Limited (EML) who are the parent company of Flex-e-Card Limited, the UK-based provider of gift card services to intu – you will see Flex-e-Card’s name on the reverse of intu gift cards.

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Saturday, June 27


News

Intu Watford owner issues update on store closures as company enters administration - HertsLive

INTU

Intu Watford owner issues update on store closures as company enters administration. Intu have confirmed that at the moment, all shopping centres will stay open and continue to trade. After announcing yesterday afternoon that the group had entered administration, thousands, including the workers in Watford, were fearing that their jobs were on the line. But at the moment, jobs look to be saved as an application has been made to make James Robert Tucker, Michael Robert Pink and David John Pike of KPMG joint administrators of the company. Access to lots of FREE tools to help stabilise your business and start making up for lost time is just one newsletter sign up away. As part of our #IAmOpen community to help and support small businesses owners like you, you will get a regular newsletter from our journalists plus we'll let you know how you can:.

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Friday, June 26


News

UK mall operator Intu collapses into insolvency. Thousands of jobs are at risk - Erie News Now

INTU

Tens of thousands of jobs have already gone in energy, banking, aviation and aerospace and now many more are at risk after Intu, one of the United Kingdom's largest shopping mall owners, said Friday that it is entering administration. Intu owns 17 UK shopping centers and two in Spain, accommodating 800 brands and 400 million shopper visits a year, according to the company. These centers will remain open during the insolvency process and individual retailers will have to enter transitional agreements with the administrators, KPMG. But UK retailers are themselves suffering from a collapse in sales and many have been unable to pay rent for the upcoming quarter, raising questions as to how many of the shopping centers can realistically afford to remain open. Just 14% of the rent owed by UK retailers for the third quarter of this year was paid on June 24, the due date, according to property management platform Re-Leased.

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Intu collapses into administration after lender disagreement

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The Trafford Centre and Lakeside owner, which has net borrowings of more than £4.5bn, said its 17 sites will remain open and continue to trade.EARLIER: Intu Properties heading for administration tonight as talks with lenders falter. The lockdown has meant many retailers have collapsed, other have looked to force rent reviews via CVAs and overall rent collection has plummeted for most retail landlords, and this week just 14% of the £2.5bn due was paid, according to data from Re-Leased. Intu employs around 3,000 staff in the UK, with a further 102,000 working for the stores and outlets in its shopping centres. Formerly a FTSE 100 company as recently as 2017, Intu’s shares having fallen from above 300p to around 33p at the start of the year, into single figure pennies since March and dropped 60% to 1.8p this week before being suspended just after 1.30pm on Friday. Analysts at broker Stifel noted speculation in the media that a potential deal with lenders had been vetoed by one lender to the Trafford Centre, which was unwilling to accept the standstill conditions and wanted to take control of the Manchester mall itself. But without the Trafford Centre being included in the group, the providers of the group’s revolving credit facility, being Barclays, Bank of America, Credit Suisse, HSBC, Lloyds, Natwest and UBS, would not give their support.

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Wednesday, June 24


News

Wednesday Papers: Intu battles with its lenders for survival

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Financial Times: A consortium including Global Infrastructure Partners and Brookfield has invested $10.1 billion in Abu Dhabi National Oil Company’s gas pipelines business. Financial Times: EasyJet is facing a group legal claim after the airline last month said the personal details of about 9 million passengers were breached by a cyber attack. The Daily Telegraph: With sales still surging after an initial panic buying boom, convenience stores look set to be among lockdown's biggest winners, new figures show. The Daily Telegraph: Peer-to-peer lending pioneer Zopa has secured a full banking licence almost four years after it first revealed plans that surprised the alternative finance industry.

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Tuesday, June 23


News

Owner warns intu Milton Keynes could shut down as company faces administration - HertsLive

INTU

Intu Properties, which owns centres across the UK including the Trafford Centre and intu Watford, has confirmed it has put KPMG on stand-by and is negotiating deals with lenders as it looks to secure breathing space ahead of a deadline on Friday, (June 26). The group warned that if it cannot reach an agreement and is placed into administration, without critical upfront funding from its lenders "there is a risk that centres may have to close for a period." Access to lots of FREE tools to help stabilise your business and start making up for lost time is just one newsletter sign up away. As part of our #IAmOpen community to help and support small businesses owners like you, you will get a regular newsletter from our journalists plus we'll let you know how you can:. Intu said: "In the event that Intu Properties plc is unable to reach a standstill, it is likely it and certain other central entities will fall into administration. "In this situation, all property companies would be required to pre-fund the administrator to provide central services to the shopping centres.

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News

Intu warns shopping centres may close if administrators called in

INTU

Intu is hoping to arrange a so-called standstill agreement on terms of up to 18 months, but said that at this stage it is unlikely to be more than 15 months. It warned that if it cannot reach an agreement and is placed in administration, without critical upfront funding from its lenders “there is a risk that centres may have to close for a period”. Given the impact of the coronavirus crisis on shopping centres, which were forced to close for nearly three months amid the lockdown, the business is likely to fail these covenant tests. It said: “Some centres have reduced rent collections as a result of Covid-19 and cash trapped under their financing arrangements which restrict their ability to pay for support, such as shopping centre staff, from other entities in the Intu group.”. If this cannot be secured, then malls may be forced to shut, it warned.

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Monday, May 18


News

Coronavirus: Shopping centre giant Intu warns of debt default risk

INTU

Coronavirus: Shopping centre giant Intu warns of debt default risk. Shopping centre operator Intu has warned that it risks defaulting on its debts unless its lenders give the firm significant breathing space. The coronavirus pandemic has hit rental income and Intu said there was no certainty how quickly the market would recover once the lockdown is lifted. It is now seeking a so-called standstill agreement with its lenders, which would delay both debt repayments and tests on whether Intu has breached the covenants on its borrowings.

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