Butterworth bows out of Peel after 30 years

Mike Butterworth, Intu chief operating officer and one of John Whittaker’s longest serving lieutenants, responsible for opening the Trafford Centre in 1998, is to retire at the end of this year.

Butterworth joined Intu Properties through its acquisition of Trafford Centre from Peel at the end of 2010 for £1.65bn. At the time Intu was called Capital Shopping Centres. Peel became the largest shareholder in Intu.

Intu said in a stockmarket announcement that Butterworth “leaves a highly experienced and capable asset management team in place, including four regional directors who were appointed last year.”

The company continued: “The process of determining how best to replace Mike’s role has commenced and further details will be announced in due course.”

David Fischel, chief executive, added: “Mike has made a substantial contribution to Intu over the past five years, during which the group’s total assets have increased from £5bn to £9.5bn, with a level of capital growth which has outperformed the IPD retail index each year. He has also overseen the build-up and increasing momentum of the group’s UK investment and development programme now amounting to £1.5bn. Mike will leave the group at the end of this year with our best wishes for a long and happy retirement.”

Butterworth joined the Manchester Ship Canal Company, now part of the Peel Group, in 1981, and became property director of Peel Holdings in 2002.