The owner of the Trafford Centre saw fell by more than 40 per cent after it said that it had not been able to secure the funding needed to reduce its £4.5 billion debts.

Intu, the Company behind some of Britain’s biggest shopping centres was forced to scrap a £1.5 billion emergency fundraising scheme

Intu said yesterday that the fundraising had been scuppered by uncertainty in the equity markets and retail property investment markets. As a consequence, its annual results, which have been delayed until next week, will include a warning that there is “material uncertainty” about the company’s ability to continue as a going concern.

Intu has been hit by company voluntary agreements – an insolvency procedure used by retailers to force renegotiation of leases from brands including Debenhams, Toys R Us, House of Fraser and HMV.

The Company said it would seek other sources of financing, including looking at selling assets, and take mitigating actions which may include negotiating debt waivers where appropriate.


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