intu Watford is following government advice during the coronavirus pandemic, their main priorities are to look after their employees, to protect the business and to play their role in society.
The local branch, along with all other UK and Spanish branches, are operating on a semi-closed basis.
In line with the latest government advice in both countries, only essential stores, such as supermarkets, pharmacies and banks, remain open.
Rent for the second quarter of the year in the UK was due on March 25, intu group revealed they have received 29 percent of this. For the same period last year, they had received 77 per cent.
As of March 24, they had immediately available cash and facilities of £184million at the corporate level.
The impact of COVID-19 in Europe delayed certain regulatory approvals, they now expect the £95million proceeds to be received in the middle of May at the earliest.
Intu has now significantly reduced capital expenditure for the foreseeable future and is cutting back on head office costs to maintain additional cash within the business.
They may look to access the government’s £330billion support package.
Image courtesy of Hoss Photography