Shopping centre operator Intu is understood to be close to collapse having failed to raise additional funding. The business has suffered the impact of numerous retailers’ CVA processes resulting in a significant reduction in the value of its assets along with plummeting revenues. As Covid-19 continues to spread throughout the UK many expect that more retailers will default, even having been offered a business rates ‘holiday’ for the new financial year ahead. Footfall is being severely impacted and many store chains have begun to announce temporary closures which could, some say, pave the way to becoming permanent.
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