The biggest shareholder in Intu, owner of the Trafford Centre in Manchester, may have borrowed heavily against his stake, according to the investment bank Jefferies.
John Whittaker, who owns 26.6% of the shopping centre giant through his private company, Peel Holdings, appears to have used his shares as collateral for loans.
Jefferies believes the slump in Intu’s share price last year, and the pressure it put on Peel’s borrowings, was the “catalyst” that forced Whittaker to orchestrate the £3.4bn sale of Intu to rival retail landlord Hammerson.
