As you may now be aware, Intu Properties Plc. has entered administration. This will potentially be alarming for many in Uxbridge, whether you shop in Uxbridge, or work there. But what does this mean for our Intu shopping centre?
Well, for now, not much. Its centres will stay open under administrators KPMG. And really, it shouldn’t have too big an impact initially, as KPMG will likely be looking for a buyer to take over.
What about Intu Giftcards?
A spokesperson for EML Payments Europe Limited said: “Intu gift cards are issued by EML Payments Europe Limited (EML) who are the parent company of Flex-e-Card Limited, the UK-based provider of gift card services to Intu – you will see Flex-e-Card’s name on the reverse of Intu gift cards.
“All funds associated with these cards are held in a designated client account under the control of EML only. EML settles with Mastercard on a daily basis for all transactions that occur on these gift cards.
“This process is entirely independent of Intu and will continue to happen regardless of ownership or control of Intu. EML’s obligation is to its cardholders as per the terms and conditions of its cards, and to Mastercard as per its membership agreement.”
That’s all pretty good new, but it might be a good idea to start spending them, as you don’t know if your favourite shops will stick around once this whole thing pans out. Right?
On 26 June 2020, Jim Tucker, David Pike and Mike Pink were appointed Joint Administrators of Intu Properties Plc and seven other central group companies. The names of these companies are set out below (“the Administration Companies”).
Administrators have not been appointed over any of the property companies that own the shopping centres which are continuing to trade as normal with support of the Administration Companies which intend to continue to provide services to these shopping centres.
Further enquiries may be addressed at https://www.insolvency-kpmg.co.uk/case+KPMG+IK624F1201.html.The administration companies are:
Intu Properties plc, Intu Shopping Centres plc, Intu Management Services Limited, Intu Retail Services Limited, Intu RS Limited, Intu Energy Limited, Liberty International Holdings Limited, Liberty International Group Treasury Limited
You can read the Intu administration notice here.
More info: https://www.bbc.co.uk/news/business-53195980