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Jane Norman lenders to take over business

Jane Norman’s lenders are to take over the business and restructure its debts of almost £136m.

The deal is designed to put Jane Norman on a sounder financial footing, The Financial Times reported.

Under the terms of the deal syndicate of 11 lenders, including Royal Bank of Scotland, will take an 80% stake in the business in return for resetting the retailer’s covenants and waiving debt repayments until March 2011. The retailer will also pay a higher interest rate on some borrowings.

Jane Norman’s management will retain a 20% stake in the business, which was bought by bust Icelandic investors Baugur and bank Kaupthing in 2005 for £117m.

Readers' comments (1)

  • I hope this restructuring will allow the strong management team at Jane Norman - led by Saj Shah and Ian Findlay - to get on with the business of retailing and improve their ranges. It has been a turbulent few months for anyone related in anyway to Baugur and the Icelandic banks.

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