Intu Braehead owner could go bust over £2bn losses

Intu, which owns the Braehead shopping centre, confirmed the £2bn losses in their financial reports for the year.

The owner of one of Scotland’s most popular shopping centres has said it could go bust after reporting losses of £2bn.

Intu, which owns the Braehead shopping centre in Renfrewshire, confirmed the losses in their financial reports for the year ending December 2019.

The firm are currently trying to raise extra funds after plans to raise £1bn failed.

Cash flows from operating activities of £11.1m were £91.5m lower than 2018.

In January the British Retail Consortium said last year was the worst for retail sales in the last 25 years.

The chief executive of Intu said: “In addition to having been a challenging year, 2019 has been a year of change for intu.

“I took over as Chief Executive in April and in the summer I introduced our five-year strategy. With the pace of change accelerating in our sector, radical transformation was required, so we carried out a comprehensive review of the business and tested our findings to develop the strategy.

“Our review of the business looked at the risks and opportunities of the evolving retail market, and along with an assessment of our underlying strengths, helped formulate our strategy for the next five years.

“This will reshape the business by way of four strategic objectives, detailed below. I am pleased to say we have already taken steps to deliver this strategy.”