Intu falls into administration

intu  shopping centres will remain open for the time being

Shopping centre owner, intu, has called in administrators after final talks with its lenders were unsuccessful.

The firm, which owns the Trafford Centre, the Lakeside complex, and Braehead, said earlier it had not reached an agreement in financial restructuring talks with its lenders.

The confirmation came after intu said earlier today that it was on the verge of collapse.

intu has said its shopping centres, which are held in separate operating companies, will continue to trade for the time being despite its insolvency.

In a statement, intu, which had until midnight tonight to reach a deal, said “insufficient alignment and agreement has been achieved”.

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