Intu which is the new shopping centre has put administrators at KPMG on standby and seeks financial restructuring. Intu is talking to lenders for continuous funding, to complete the project, and said it has appointed KPMG to the contingency plan for administration.
The £86m revamp works for Intu at the Broadmarsh Centre in Nottingham were stopped in March this year. Sir Robert McAlpine is the main contractor appointed for monitoring the works. 50 staff were laid off since then and demolition specialist Coleman claimed cancellation of a major contract on the site.
Intu is trying to resolve the funding issues with lenders, as 26 June being the last day of existing agreement. Intu runs 17 shopping centres across the UK and its current development plans show a spending commitment of £141m over the next two years. And at Intu Broadmarsh in Nottingham, £68m of work is yet to be completed.
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