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West Bridgford
Friday, 27 November 2020

Company announces takeover of Nottingham’s intu Victoria Centre


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Intu SGS, the holding company for four of the shopping centres including Nottingham has secured £30 million worth of new investment after intu collapsed into administration earlier this year.

Intu SGS is the holding company for intu’s Victoria Centre in Nottingham as well as Watford, Lakeside and Braehead in Glasgow.

Creditors have approved of a new facility of up to £30 million.

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intu SGS said:

“The positive vote today underlines the significant support we have from our creditors,” Intu SGS said.

“The proposals that we have agreed today provide us with the stable financial platform to move forward as we continue to recover from the impact of Covid-19.

“Creditors have also agreed to inject up to £30 million of new money if required, in a further statement of support.”

The four centres are currently operating at approximately 92 per cent occupancy with 90 per cent of the centres’ units now open and trading since closing during the coronavirus lockdown period.

intu will continue to manage the shopping centres, but intu SGS wants to take full control of them with a full handover expected later in 2020.