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Shop Direct secures funding

Shop Direct has secured £150m of additional funding following an unexpected late surge in PPI claims from shoppers.

Half of the funding is to be invested as an equity injection before the end of November. The remaining £75m is not immediately required, and the group is assessing its options including equity and debt financing options.

In addition to the funding, Shop Direct has also received an offer on agreed terms that would enable up to £100m of new notes to be issued under its existing receivables securitisation programme, providing an alternative financing option for the group while it concludes its overall funding plan.

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