Intu has said it is likely to appoint administrators. In a statement it said “On 23 June 2020, Intu properties plc provided an update on discussions with key stakeholders to progress its standstill strategy ahead of the revolving credit facility covenant waiver expiry at 11:59 p.m. this evening, 26 June 2020.

“Since that update, discussions have continued with the Intu Group’s creditors in relation to the terms of standstill-based agreements. Unfortunately, insufficient alignment and agreement has been achieved on such terms.

“The Board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.

“A further announcement will be made as soon as possible.”

 In March, pre-coronavirus, the shopping giant reported a loss of £2bn, compared to £1.17bn in 2018.