Intu has appointed David Hargrave as chief restructuring officer and non-executive director.

He has 33 years of experience in the transaction and restructuring businesses of the big four accounting firms, latterly as a partner at both EY and PwC.

The shopping centre owner has seen the Coronavirus crisis exacerbate existing rental income problems.

In March, the company warned it risked going into administration if it is unable to raise further funds, after reporting losses of £2 billion for 2019, up from £1.17 billion the year before.

Earlier that month, Intu abandoned a potential investment lifeline, as “extreme” market conditions left it unable to raise its minimum target of £1.3 billion.

This week, bondholders have been drawing up plans to take control of Intu’s assets, meaning it could lose key assets like Lakeside in Essex, Braehead in Glasgow 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 the shopping centres.

Intu chairman John Strachan commented: “David brings a wealth of highly relevant experience from business turnarounds and restructuring.

“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.”

Share Story: