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Intu fights for survival


Intu fights for survival

Construction & Build

​Shopping centre owner and developer intu has warned it may go bust after posting a £2bn loss in its latest results.

The firm warned there was “a material uncertainty in relation to intu’s ability to continue as a going concern.”

Ongoing problems in the retail sector have forced intu to make massive write-downs on the value of its shopping centres whuch include Manchester’s Trafford Centre and Lakeside in Essex.

Intu’s current development plans show a spending commitment of £141m over the next two years.

Major current schemes include the redevelopment of intu Broadmarsh in Nottingham where McAlpine is main contractor and £68m of work is yet to be completed.

Vinci is also completing the revamp of the Trafford Centre and mac-group is working on a £12m scheme to modernise the external façade at Merry Hill Shopping Centre in Dudley.

Written by Grant Prior - Construction Enquirer