The UK’s biggest owner of regional malls has promised swingeing cuts in service charges to help struggling retailers. Intu pledged to lower its service charges for tenants by 22% in the second half of the 2020 financial year, delivering an 11% overall reduction across the full year.
The company said: “We will work closely with our tenant customers to help mitigate the challenges we are all facing. We will continue to do all we can for the brands who rent with us while also ensuring that any concessions we make are not to the detriment of our own financial position as we look to address our balance sheet issues.
“We welcomed the and other measures recently announced by the government but more support is needed. The retail and leisure industries will be among the hardest hit by the Coronavirus and we will be working closely with our customers, other landlords and industry associations to best represent their needs in Westminster.”