Intu puts KPMG on stand-by for administration if bank talks fail

Crisis-hit shopping centre owner Intu Properties has lined up KPMG to handle a potential administration if efforts to gain breathing space from its lenders fail. The contingency plans from the owner of Essex’s Lakeside and Manchester’s Trafford Centre, first reported by Sky News, come ahead of critical talks over its £4.5bn debt pile. Intu’s bank lenders have already agreed a waiver of covenant tests on its debts, which expires on June 26. Chief executive Matthew Roberts