// Intu hires new chief restructuring officer
// David Hargrave also joins as non-executive director
Intu has appointed David Hargrave as chief restructuring officer and non-executive director as it works towards a strategy to fix its balance sheet.
Hargrave holds 33 years of experience in the transaction businesses of the big four accounting firms.
He has worked in leading processes of change or restructuring within businesses, having worked as a partner at EY and PwC.
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“David brings a wealth of highly relevant experience from business turnarounds and restructuring,” Intu chairman John Strachan said.
“This will be of significant benefit as we work towards fixing the balance sheet and we look forward to his contribution to the board’s deliberations.”
Intu joined the list of businesses last month to have been impacted by Covid-19, as non-essential services were shut due to a government-mandated lockdown.
To add to its woes, bondholders were drawing up plans on Thursday to take control of Intu’s assets, which means it could lose Lakeside in Essex, Braehead in Glasgow, Watford in Hertfordshire and the Victoria Centre in Nottingham, as early as June.
Law firm Clifford Chance and investment bank Moelis & Company were appointed to advise bondholders of £1.3 billion of debt secured against some of Intu’s centres.
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