Billionaire Trafford Centre boss steps down

BILLIONAIRE John Whittaker has resigned as deputy chairman of the Trafford Centre’s owner Intu, after the company collapsed into administration, it is reported.

It is usual during an administration process for the outgoing board of directors to resign as the administrators essentially take over the running of the company when they are appointed.

Property Week reports that Mr Whittaker, the chairman of Peel Holdings, pictured, stood down on June 26 – the same day Intu went into administration.

The company collapsed after it was unable to secure loans from lenders as it wrestled with debts of more than £4.5 billion.

The Trafford Centre, long regarded as the jewel in the company’s crown, continues to operate despite the plight of its owner.

All the other company’s non-executive directors also handed in their resignations, with the exception of David Hargrave, who was hired as chief restructuring officer of the business in May 2020.

After selling the Trafford Centre in Manchester, in 2011 to Intu, which was then known as Capital Shopping Centres, Mr Whittaker received a 25 per cent stake in the business in addition to a seat on the board.

Intu’s chief executive Matthew Roberts stood down last week.

The shopping centre landlord, which operates 17 shopping centres, fell into administration last month after last-ditch discussions to save the business failed.