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TJ Hughes loses credit insurance

Discount department store TJ Hughes has had its credit insurance pulled according to The SundayTimes.

One of the UK’s largest credit insurers Euler Hermes is reported to have stopped insuring suppliers to the 57-store retailer.

The loss of credit insurances follows a refinancing of TJ Hughes using an asset-based facility with Burdale, an arm of the Bank of Ireland, to give it access to £15m to £20m of working capital.

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