Shopping Centre Giant Intu Tackles Balance Sheet Issues

  • Intu appoints David Hargrave as chief restructuring officer
  • Hargrave brings 33 years of experience from ‘Big four’ accounting firms
  • Shopping centre owner facing Covid-19 challenges
  • 40% rent and service charge collected since update on 26 March
  • Advanced discussions with customers for further 28% of amounts due
  • Semi-closed centres, furloughed staff and cost savings identified

Shopping centre owner Intu has appointed David Hargrave as chief restructuring officer to address balance sheet issues amid the Covid-19 pandemic. Hargrave brings 33 years of experience from ‘Big four’ accounting firms, including senior positions at PwC and EY. The company has collected 40% of rent and service charge since its update on 26 March and is in advanced discussions with customers for further 28% of amounts due. Intu has furloughed around 60% of staff in the centres and 20% at its head office, while identifying £3 million in short-term cost savings.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Intu’s appointment of David Hargrave as chief restructuring officer and details about the company’s financial situation during the Covid-19 pandemic. It also includes relevant information about rent collection, discussions with customers, staff furloughing, and cost savings measures.
Noise Level: 4
Noise Justification: The article provides relevant information about Intu’s appointment of David Hargrave as chief restructuring officer and updates on its financial situation during the Covid-19 pandemic. It also mentions steps taken by the company to address the challenges it faces, such as rent collection, cost savings, and staff furloughs. However, it could provide more in-depth analysis or insights into the long-term implications of these actions.
Financial Relevance: Yes
Financial Markets Impacted: Shopping centre owner Intu, financial markets related to real estate and retail industry
Financial Rating Justification: The article discusses the appointment of a chief restructuring officer for Intu, a shopping centre owner, and mentions rent collection, waivers, and cost savings. This indicates relevance to financial topics and potential impact on financial markets and companies in the retail and real estate sectors.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: Intu’s financial situation is being addressed through restructuring and cost-cutting measures, but no extreme event has occurred in the last 48 hours.

Reported publicly: www.retailsector.co.uk