Intu RS Limited (08363578): administration
- Status
- In administration
- Administration began
- 2020-06-26
- Administrators
- James Robert Tucker, Gareth Slater
- Administrators' firm
- KPMG
- Formerly
- Intu Shelfco 7 Limited; Intu Trafford Centre Limited
- Incorporated
- 2013-01-16
- Location
- London
- Industry
- 81100 Combined facilities support activities
Why it went into administration
- COVID-19
- Creditor pressure / legal action
- Weak consumer demand
- Shift to online / high-street decline
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Group embarked upon a series of shopping centre acquisitions, which significantly increased its external debt liabilities. In addition to a complex group structure, there are a number of complex debt and security structures across the Group. These cover both the core UK and Spanish real estate assets, as well as a number of central Group entities. There are number of debt instruments in place (including associated hedging products), some of which were publicly traded.
The Companies operated from the Group’s head office in London and had 2,359 employees at the date of our appointment (Retail Services 1,828, Intu RS 121, Management Services 410).
3.2 Funding and financial position of the Group
Administrators' statement of proposals (2020-10-19) · Companies House register