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