Shopping centre giant Intu has warned it could collapse after reporting a loss last year of £2billion.

The property giant owns a host of shopping complexes, among them Lakeside in Thurrock - a stone's throw from the Dartford Crossing.

But it has faced huge challenges due to the well-documented changes in the retail sector.

And it warns that a continuing fall in the value of its property folio and a failure to secure additional funding could force it to crash.

It says it has had to wipe almost £2bn off the value of its sites.

In its financial statement it said "a material uncertainty exists that may cast significant doubt on the group and company's ability to continue as a going concern".

Intu owns nine of the UK's most popular shopping sites and welcomes more than one million shoppers a day.

Just last week, it revealed talks with shareholders and potential new investors with a view of raising equity of between £1-1.5bn had failed.

It said "current uncertainty in the equity markets and retail property investment markets precluded a number of potential investors from committing capital into the business".

It says it continues to seek funding and is open to the disposal of assets in a bid to balance its books.

In its financial report, its chief executive said its result were "evidence of the challenges in our market".

The immediate plight of traditional retailers is unlikely to be helped by a reduction in shoppers amid concerns over the spread of the coronavirus.

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