Whistles, the womenswear chain run by Jane Sheperdson and part-owned by Baugur, has secured new financing.
Existing Whistles shareholders have stumped up additional working capital to keep Whistles trading and to reduce gearing to 25%.
Jane Shepherdson declined to reveal the identity of the shareholders who had pumped cash into the business but she told Drapers: “I am very pleased. It’s still going to be very difficult but it makes us a lot more secure and confident about this year.”
Whistles sent letters to reassure its suppliers and landlords this week confirming the refinancing. Both had been concerned after Icelandic bank Glitnir, which had a stake in Whistles, collapsed last year.