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Intu boss steps down following collapse

Matthew Roberts will leave the group after serving as CEO for just over one year, following nine as its finance chief

Intu Properties PLC - Intu boss steps down following collapse

The chief executive of shopping centre owner Intu Properties PLC (LON:INTU), Matthew Roberts, has apparently stepped down from the group after it collapsed into administration last week.

According to sources cited in a Reuters report, Roberts has informed staff of his intention to leave the company, having served as CEO since April last year following nine years as its finance chief.

READ: Intu collapses into administration after lender disagreement

Intu appointed administrators last Friday after failing to come to an agreement with its lenders.over its debt pile of over £4.5bn.

The group owns 17 sites in the UK, including the Trafford Centre near Manchester, with administrators KPMG now looking to see which parts of the estate can be sold off.

Intu employs around 3,000 staff in the UK, with a further 102,000 working for the stores and outlets in its shopping centres.

Formerly a FTSE 100 company as recently as 2017, Intu’s shares fell from above 300p to around 33p at the start of the year, into single figure pennies since March and dropped 60% to 1.8p this week before being suspended just after 1.30pm last Friday.

Quick facts: Intu Properties PLC

Price: 1.776 GBX

LSE:INTU
Market: LSE
Market Cap: £24.07 m
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