The boss of one of Britain's biggest shopping centres has warned the year ahead will be "challenging" amid a rise in troubled retailers.
Intu chief Matthew Roberts, which owns the Trafford Centre, said a "higher-than-expected level of CVAs" and a slowdown in new lettings amid Brexit uncertainty will have an impact on performance over the year.
It comes just weeks after Debenhams - Britain's biggest department store - collapsed into administration and announced plans to fast-track 20 store closures .
Roberts said Into has reduced its guidance for rental income for 2019 as it predicts an increase in retailers taking out Company Voluntary Arrangements (CVAs) - an insolvency mechanism that dozens of restaurants and high street stores have turned to in the past year.
He added that income is expected to fall by between 4% and 6% over the next 12 months.
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Intu sold a 50% stake in its Derby shopping centre for £186 million in April, and has received interest regarding the sale of its Spanish centres, it said.
The company is also considering refinancing its legacy Trafford Centre debt, which would remove amortisation payments that are set to rise over the coming year, and increase the potential for a part-disposal of the shopping complex in the future.
Over the first three months of the year, Intu has secured 53 long-term leases, down from 60 over the same period last year.
Annual rent generated over the first quarter also declined, down to £6 million from £10 million during the same quarter last year.
Occupancy at the end of March 2019 was down to 95.6% compared with 96.1% in March 2018, due to CVAs and administrations, as well as the closure of some New Look Men and HMV stores.
Footfall for the year to date is "marginally ahead" of the same period last year, while Easter sales slipped 0.2% compared with Easter 2018.
Roberts said: "Our operational performance in the quarter has been stable.
"Despite the current operating environment, I believe we have a very good business and am confident we can meet the challenges we are facing head-on."
