-2.4 C
Harrow on the Hill
Saturday, December 10, 2022
HomeBusinessIntu Watford could be forced to shut down

Intu Watford could be forced to shut down

Intu Watford shopping centre could be forced to shut down as its parent company faces financial difficulties.

Administrators KPMG have been appointed as a “contingency” BBC reports. This would be in case of restructuring talks failing.

Intu has 17 outlets including Trafford Centre in Manchester, Lakeside, Uxbridge, Essex and Glasgow amongst others. Intu has until Friday to sort out its financial situation.

A company spokesperson 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.

“If that happened, the various group companies would have to put money into the administrator. If the administrator is not pre-funded then there is a risk that centres may have to close for a period.”

The company is reportedly £4.5billion in debt. If no financial agreement has been met by 26 June then administrators could be called in.

The Coronavirus pandemic has had a massive impact on many businesses, it was only reported several weeks ago that Debenhams at Intu Watford will not be reopening, the store has only been open for two years in Watford.

News of the possible closure has concerned people on social media. One person said on Facebook: “No this can’t be happening! Watford is best for clothes shopping and without the shopping centre I would not know where to go, next place would likely be London but I don’t want to travel that far. I hope the company sorts it all out”.

(Image Credit: Google)