THE debt-saddled owner of a shopping mall has entered into administration talks. 

Intu, which owns the shopping centre at Braehead has asked accountants KPMG to draw up plans to take the firm into administration. 

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This could see malls and shopping centres across the country closed if property companies do not intervene to stop them shutting, the Insider reports.

The company reported debts of £4.5 billion before the coronavirus crisis hit the UK. Its losses doubled to £2 billion over the last year and its property estate value has also almost halved.

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The firm told Insider: "Notwithstanding the progress made with lenders, intu has also appointed KPMG to contingency plan for administration. In the event that intu properties plc is unable to reach a standstill, it is likely it and certain other central entities will fall into administration.

"In this situation, all property companies would be required to pre-fund the administrator to provide central services to the shopping centres. If the administrator is not pre-funded then there is a risk that centres may have to close for a period."