The future of Intu was plunged further into doubt on Thursday, after the shopping centres group said losses have ballooned to £2 billion and it risks going under if no fresh funding is secured.
The Lakeside mall owner, which has a £4.5 billion debt pile, has been battered by plunging retail property values and hurt by High Street brands closing shops or getting rent cuts.
It is now also having to monitor if the coronavirus outbreak could hit footfall.
Today’s financial results point to a “material uncertainty in relation to Intu’s ability to continue as a going concern”.
Rental income in 2019 dropped 9.1% on a like-for-like basis to £401.6 million. Pre-tax losses widened to £2 billion from £1.2 billion.
It last week failed in its bid to raise an emergency £1 billion to £1.5 billion from investors.
Chief executive Matthew Roberts is looking at ways to raise funds including potentially selling properties and debt restructuring.
Shares have fallen around 96% in the past year. They fell 12.6% to 4.98p today, valuing Intu at £65 million.
