Shopping centre giants intu has warned it could go bust if it cannot raise further funds as it slumped to a £2 billion annual loss.

intu Properties, which owns intu Watford as well as other shopping malls like the Trafford Centre in Manchester and Lakeside in Essex, has seen losses widen from £1.2 billion in 2018 to £2 billion in 2019.

The company has been forced to write down the value of its 14 shopping centre sites across the country and properties by £1.9 billion after recent retail sector woes.

The Guardian reported the estimated value of its portfolio of shopping centres dropped 22 per cent to £6.6 billion.

intu revealed in results there was a "material uncertainty" over its ability to continue as a going concern as it faces a cash crunch, having recently been forced to abandon plans to raise up to £1.5 billion to pay down debts.

But intu said it had other options, such as alternative capital structures and selling off more assets.

The group is also looking to secure some breathing space from its lenders, by negotiating covenant waivers.

Chief executive Matthew Roberts said: "In the short term, fixing the balance sheet is our top priority.

"We have options including alternative capital structures and further disposals to provide liquidity, and will seek to negotiate covenant waivers where appropriate.

"We are focusing all our energies on moving the business forward."

The firm's full-year results showed like-for-like rental income tumbled by 9.1 per cent in 2019 - half of which was caused by the surge in retail rescue deals and administrations.

The group, which owns nine of the UK's top 20 shopping centres, recently invested £180 million in an expansion of intu Watford, which has brought new restaurants, shops, a cinema, and a bowling alley.