THE owner of Braehead shopping centre has said there are doubts the firm can survive unless it raises extra funds.

Intu's comments came as the company, which also owns Manchester's Trafford Centre and the Lakeside complex, in Essex, reported a £2billion loss in 2019.

The weakness in the retail sector meant Intu wrote down the value of its shopping centres, including the Braehead site in Renfrew, by nearly £2bn.

Intu will try to raise extra cash after an earlier plan to generate £1bn failed.

The collapse and contraction of High Street retailers has left landlords such as Intu struggling to fill vacant space. At the same time, Intu has run up debts of nearly £5bn.

In January, the firm approached its shareholders to ask for more money amid the downturn in the retail sector.

But, last week, Intu said it was at risk of breaching debt covenants after it was forced to abandon the fundraising attempt.

It said "extreme market conditions" deterred investors from giving fresh cash.

To help it keep going, the firm said it would try to engage with investors, or it might have to sell more of its assets.

The company has already been selling shopping centres to raise cash.

Intu said it could also try to seek waivers on its debt commitments to lenders and spend less in the short-term.

Matthew Roberts, chief executive of intu, said: "Fixing intu’s balance sheet is our number one strategic priority.

"We are currently engaged with our lenders and other stakeholders to discuss a range of options available to provide further liquidity for the business.

"We have immediately available cash and facilities of £200 million and are not in breach of any debt covenants.

"We have the best portfolio of shopping centre assets across the UK and have reported a strong operational performance despite a challenging market.

"I remain confident in the future of our business and our ability to face these challenging conditions head on."

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