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Debenhams buys Danish retailer Magasin du Nord for £12.3m

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Debenhams is to push into mainland Europe following the £12.3m acquisition of Danish department store business Magasin du Nord.

Magasin du Nord has six stores, including a flagship on Kongens Nytorv in Copenhagen city centre and serves 20 million customers a year.

Debenhams chief executive Rob Templeman said there is a close fit between Debenhams and Magasin du Nord and that the deal would be “highly accretive” for shareholders.

Templeman said: “Magasin is one of the best recognised brands in Denmark with a loyal customer base and some great products.

“The success of our international business demonstrates that there is demand for our own-bought and Designer brands outside our home market which we believe will complement Magasin’s existing brands and deliver outstanding value and choice to the Danish consumer.

“As part of the Debenhams group Magasin will be able to benefit from the Debenhams infrastructure and economies of scale.”

The deal follows Debenhams’ £323m share placing and open offer in June, when cash was raised for acquisitions and to reduce debt.

Debenhams acquired Magasin du Nord from Magillum.

Magasin du Nord had been seeking an investor or buyer following the collapse of significant stakeholder Baugur, which filed for bankruptcy protection in February.

Baugur also held a stake in Danish department store group Illum.

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