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Gloucestershire Business News

Peel says Intu collapse will not hurt finances

The Peel Group - operators of Gloucester Quays - said the collapse of Intu Properties into administration will have no bearing on its financial health.

Peel sold the the Trafford Centre to Intu (then Capital Shopping Centres) in 2011 and retains a 24.6 per cent stake in the company, which has a debt estimated at £4.5billion exacerbated in delays in tenants paying rent during the coronavirus pandemic.

A Peel spokesman declined to comment on rumours of a possible deal to buy back the Trafford Centre.

He said: "Intu's challenges do not have any significant impact on the Peel Group's financial position or future prospects.

"Intu has been facing difficulties for several years against a backdrop of a fast-changing retail sector.

"Our investment in Intu has been a relatively small past of the group's investment portfolio since 2017"

He continued: "The Peel Group has a diverse and resilient real estate and infrastructure-focused portfolio that continues to offer exceptional future growth opportunities."

Peel chairman John Whittaker founded the Trafford Centre in the 1980s and the company is still based there.

Intu's 17 UK shopping centres, which include Cribbs Causeway near Bristol are continuing to operate outside of administration.

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