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Glasgow Live
Glasgow Live
National
Christina O'Neill

Braehead shopping centre to reopen despite owners Intu going into administration

Braehead is to reopen despite its owner Intu falling into administration.

Chiefs confirmed the Renfrew shopping centre will continue to trade when lockdown measures are eased after the landlord's insolvency after crunch talks with lenders failed this afternoon.

The firm, which also owns Manchester's Trafford Centre and Newcastle's Metrocentre, had announced earlier today it was set to collapse.

Back in March, Intu warned it could go bust having run up debts of £4.5 billion - with the giant struggling to fill vacant space and income from retail tenants' rents drying up during the Covid shutdown.

intu Braehead (Media Scotland)

Chiefs confirmed Robert Tucker, Michael Robert Pink and David John Pike of KPMG are to be appointed as joint administrators.

Venues in England have reopened and Braehead is due to open fully on 13 July when government restrictions are lifted.

Intu said: "Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group's relationships with its tenants are with these operating companies, not the companies entering administration.

"The shopping centre operating companies have or are expected to enter into transitional services agreements with the Administrators of the central entities to ensure continuity of service provision by the central entities to the individual shopping centres."

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