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Blacks extends banking facility

Blacks Leisure, which runs the Blacks and Millets chains, has had its banking facilities extended for another 12 months but warned that its performance this year would be below market expectations.

Blacks Leisure’s banking facility with lender Lloyds Banking Group was set to expire on August 31, but the group has been in talks with the bank to lend it more cash to speed up the conversion of its Freespirit and O’Neill fascias into outdoor formats.

Blacks said that the debt renegotiation had led to “a number of one-off impacts” on the business, and that his along with the postponement of store conversions pending agreement of the deal mean that financial performance will be below market expectations in the current year.

A statement from Blacks Leisure said: “The company continues to investigate options to accelerate the turnaround of the business including ways to achieve rapid exit from the loss-making boardwear division and resume the roll out of the new format outdoor stores which continue to perform well.”

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