Owner of Cardiff's St David's shopping centre warns it could go bust

The part owner of the St David's shopping centre in Cardiff has raised concerns about its future.

Intu, which owns some of the largest shopping centres in the UK, has warned that it could go bust unless it raises extra funds.

The company owns 50% of the 1.4m sq ft St David's shopping centre, with the other half owned by Land Securities.

As high street stores close, landlords such as Intu say they are struggling to fill the empty shop units.

Intu has now written down the value of its shopping centre sites by nearly £2 billion.

Two months ago the company approached its shareholders to ask for more funds.

More recently, last week the firm declared it was at risk of breaching debt covenants after being forced to abandon the fundraising attempt.

In a bid to keep going, Intu said that it would try to engage withinvestors or even sell more of its assets.

Some shopping centres have already been sold by the company to try andraise more money.