logo-loader

Intu boss steps down following collapse

Published: 23:50 03 Jul 2020 AEST

Intu Properties PLC - Intu boss steps down following collapse

The chief executive of shopping centre owner Intu Properties PLC (LON:INTU), Matthew Roberts, has apparently stepped down from the group after it collapsed into administration last week.

According to sources cited in a Reuters report, Roberts has informed staff of his intention to leave the company, having served as CEO since April last year following nine years as its finance chief.

READ: Intu collapses into administration after lender disagreement

Intu appointed administrators last Friday after failing to come to an agreement with its lenders.over its debt pile of over £4.5bn.

The group owns 17 sites in the UK, including the Trafford Centre near Manchester, with administrators KPMG now looking to see which parts of the estate can be sold off.

Intu employs around 3,000 staff in the UK, with a further 102,000 working for the stores and outlets in its shopping centres.

Formerly a FTSE 100 company as recently as 2017, Intu’s shares fell from above 300p to around 33p at the start of the year, into single figure pennies since March and dropped 60% to 1.8p this week before being suspended just after 1.30pm last Friday.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

13 hours, 36 minutes ago