The company which owns Intu Braehead looks set to go into administration today.
Intu Properties confirmed this morning that it has not reached an agreement to repay debts totally £4.5billion with its creditors.
The company, which owns 17 shopping centres across the UK, had asked lenders for an 18-month standstill on its debts in a bid to fix its balance sheet and generate income with the reopening of shopping centres south of the border.
But in a statement to the Paisley Daily Express this morning, Intu Properties confirmed a deal has not been reached.
The statement said: “The board is considering the position of Intu with a view to protecting the interests of its stakeholders.
“This is likely to involve the appointment of administrators.
“A further announcement will be made as soon as possible.”
The Express revealed on Monday how the future of Intu Braehead was hanging in balance.
The Renfrew shopping centre employs more than 6,000 people across stores, restaurants and leisure outlets at Soar.
Intu had last week brought in accountants KPMG to prepare for administration in case the deal fell through.
The ‘administrator in waiting’ reportedly said it would need at least £12million to keep the centres operating during an insolvency process.
Without that cash, it is believed Braehead - which is not due to reopen until phase three of the lockdown recovery plan is introduced - may remain closed.
It is not yet clear if that money has been made available.
More to follow.
