The future of Nottingham’s Intu Broadmarsh and Victoria Centre shopping centres have been questioned after a recent takeover bid has collapsed.
Share prices for the company have fallen by 40 per cent (according to London Stock Exchange figures) after a second takeover offer, worth £2.9 billion, has been withdrawn.
The offer was placed by a consortium led by property tycoon, John Whittaker, which had Canadian and Saudi-backing, but pulled out of negotiations on 29 November.
A statement released by Intu Group suggested the company will be facing “heightened economic uncertainty,” causing people in Nottingham to speculate about the future of Nottingham’s city centre shopping areas.
“Nottingham is well positioned…”
Nelson blackley, retail research associate, nottingham business school
But a Nottingham retail analyst has dismissed concerns for the future of shopping in the city stating the health of retail in Nottingham is strong.
Nelson Blackley, a retail research associate for Nottingham Business School, says he is “very confident about the future of retail” in the city.
He added; “Nottingham is well positioned with the stores that it has and hopefully many more will come to Nottingham to enjoy a prosperous future.”
Intu, which bought the Broadmarsh centre from Westfield in 2011, has reportedly invested £81 million redeveloping it. The centre has been due a makeover for almost thirty years.
Mr Blackley also quashed gloomy predictions for the future of the nation’s high street. He said; “Although the high street has had to “reinvent itself,” in order to survive, I do not believe it is dead yet.”
In an interview with CBJNews he also said that Brexit could have had an impact on the Intu deal: