Manchester's Trafford Centre is in crisis as the owners beg for breathing space from creditors

The shopping centre operator Intu said it will default on repaying its debts unless the lenders give them a payment holiday.

A combination of debt, falling footfall and the Covid-19 pandemic has taken its toll in what has become a very 21st business problem. Intu’s only option from defaulting on paying off debts is to sell up even though it is unlikely they would find a buyer while some commentators feel administration is another option.

Intu who own the Manchester's Trafford Centre and is reported to have asked lenders to let them off repayments for the next 18 months. The firm also controls Lakeside in Essex which has an eye-watering £4.6bn worth of debt prior to the Covid-19 crisis and earlier tried to get investors to bankroll them out of the crisis with more than £1bn which was rejected.

Ian Carrotte of ICSM Credit said the problem was universal to the UK and much of the world as shopping habits changed and the Covid-19 crisis hit businesses.

ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk