Search

Owner of Chapelfield shopping centre warn it could close down ‘for a period’

PUBLISHED: 10:13 23 June 2020 | UPDATED: 18:34 23 June 2020

Owners of Chapelfield shopping centre, Intu, have warned it could close. Pic: Archant

Owners of Chapelfield shopping centre, Intu, have warned it could close. Pic: Archant

The owner of Chapelfield shopping centre in Norwich – home to big-name stores including Apple, House of Fraser and Disney – has warned it may have to close if it calls in administrators.

Stefan Gurney, of Norwich BID. Pic: ArchantStefan Gurney, of Norwich BID. Pic: Archant

Cash-strapped Intu Properties is locked in crunch talks with lenders and has put insolvency firm KPMG on stand-by.

MORE: One of Norwich’s oldest buildings for sale at auction with 10 flats

You may also want to watch:

The firm, which owns several shopping malls across the UK, including the Trafford Centre in Manchester and Lakesdide in Essex, is negotiating details with lenders as it looks to secure vital breathing space ahead of a deadline on Friday.

Intu is hoping to arrange a so-called standstill agreement on terms of up to 18 months but warned that if it cannot reach an agreement and is placed in administration, “there is a risk that centres may have to close for a period.”

Back in March Intu warned it could go bust if it could not raise further funds after £2 billion annual losses. The centre in Norwich recently reopened after being closed for three months.


If you value what this story gives you, please consider supporting the Norwich Evening News. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Digital Edition

cover

Enjoy the Evening News
digital edition

Subscribe

Most Read

Latest from the Norwich Evening News