BRAEHEAD shopping centre is set to reopen next month despite its owner falling into administration after failed crunch talks with lenders today.

Intu, which operates the giant retail hub in Renfrew, has said its centres will remain open while KPMG administrators assess options for the business and assets of the group.

The firm, which also owns the Trafford and Lakeside shopping centres, in Manchester and Essex respectively, had been struggling before coronavirus to fill outlets within some sites and had heavy debts.

The firm’s financial woes include making a loss of £2billion in 2019.

However, the shopping centre at Braehead, which employs more than 6,000 people, remains set to reopen on Monday, July 13 when government lockdown restrictions are expected to be lifted.

An Intu spokesperson said: “Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group’s relationships with its tenants are with these operating companies, not the companies entering administration.

“The shopping centre operating companies have or are expected to enter into transitional services agreements with the Administrators of the central entities to ensure continuity of service provision by the central entities to the individual shopping centres.”

David Pike, partner at KPMG and joint administrator, added: “With all centres remaining open, we look forward to working with staff, suppliers and other key stakeholders to preserve value and jobs in these important retail destinations.”

Read all the latest from Renfrewshire and beyond


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