Intu, which owns shopping destinations such as Lakeside and the Metrocentre, is in negotiations to reach a standstill agreement with creditors as it reels from the impact of the retail downturn.

While there is hope that the talks will bear fruit, with a deadline this Friday, Intu cautioned: “Notwithstanding the progress made with lenders, Intu has also appointed KPMG to contingency plan for administration.”

”In the event that Intu Properties PLC is unable to reach a standstill, it is likely it and certain other central entities will fall into administration. In this situation, all property companies would be required to pre-fund the administrator to provide central services to the shopping centres.