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Jane Norman agrees £132m refinance deal

Jane Norman has outlined plans to open more than 100 stores after it announced a £132 million refinancing package.

Jane Norman chief executive Saj Shah and senior members of the Baugur team are among the shareholders to receive a £70m windfall as part of the deal.

The debt restructuring moves Jane Norman's borrowing into one single debt, creating a stronger financial base for growth.

Turnover at the retailer grew 38% to £97.3m for the year ended March 2006, while EBITDA increased 46% to £20.8m.

Since Baugur acquired the business in 2005, Jane Norman has opened 63 standalone stores and concessions, including 25 within the UK and Republic of Ireland, bringing the number of outlets to 150.

Baugur plans to open more than 100 standalones in the long term, both in the UK and overseas, including in Cyprus, Norway and Holland this year.

Baugur UK managing director Gunnar Sigurdsson said he was pleased with the management team. "Saj Shah and his team have carried out the company's growth strategy effectively in a competitive environment," he said.

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