The future of Intu Braehead looks to have received a welcome boost following the news that it is among four UK shopping centres that will benefit from £30m in new investment.
The cash has been secured alongside waivers on financial covenants by property company Intu SGS - the holding company for Braehead as well as Intu Watford, Lakeside and Victoria Centre in Nottingham.
It comes after parent company Intu Properties collapsed into administration earlier this summer - sparking fears for the future of the shopping centre and for the jobs of the hundreds of staff who work there.
Intu SGS is seeking to take full operation control of Braehead and the other three centres later this year, after their creditors approved the £30m investment to help bolster the group’s liquidity.
As per Retail Gazette, Intu SGS say the proposals that have been agreed will provide them with "the stable financial platform to move forward as we continue to recover from the impact of Covid-19".
They said: "The positive vote today underlines the significant support we have from our creditors.
"The proposals that we have agreed today provide us with the stable financial platform to move forward as we continue to recover from the impact of Covid-19.
“Creditors have also agreed to inject up to £30 million of new money if required, in a further statement of support."
Braehead is currently at 92 per cent occupancy with 90 per cent of units now trading since the temporary closures as a result of the coronavirus lockdown.
Intu have been contacted for comment.
