Money: Debenhams to 'carefully consider' Ashley loan offer - PressFrom - United Kingdom

MoneyDebenhams to 'carefully consider' Ashley loan offer

17:05  14 march  2019
17:05  14 march  2019 Source:

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Welcome to The Official Debenhams UK Site. Shop For Womens, Mens & Kids Clothes, Beauty, Furniture, Electricals, Gifts and Much More at Debenhams .com.

Debenhams declined to comment on the loan offer . The proposal matches the loan that Debenhams has said it’s in advanced negotiations to get from creditors. It marks yet another move by the retail tycoon to take over the company, after he triggered a call for a general meeting of

Debenhams to 'carefully consider' Ashley loan offer © Getty

Debenhams says it will give "careful consideration" to Mike Ashley's offer of a £150m conditional loan under his attempted coup.

The struggling department store chain, which is in advanced talks with its banks on a rival £150m refinancing, cautioned that any loan from the tycoon's Sports Direct empire would also require the agreement of its own lenders and bondholders.

Mr Ashley, who is the largest shareholder in Debenhams, last week called an investor vote to remove most of the board and install himself as chief executive.

He fired several further shots in his battle to take personal charge on Wednesday.

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Debenhams is facing a period of upheaval following news that KPMG has been engaged to help with emergency business restructuring efforts. Amidst the speculation, there are indications that billionaire Newcastle United Chairman Mike Ashley who owns Sports Direct may be considering making a

Mr Ashley said in his letter that he was concerned that the Debenhams board “doesn’t really seem to appreciate” He added: “Sports Direct is Debenhams ’ largest shareholder. What we are offering is a very public The letter concluded with a request that Mr Bucher reconsider the offer of a loan , and

Debenhams to 'carefully consider' Ashley loan offer © Getty Debenhams is battling to secure its financial future and is in advanced talks with its banks

One was the offer of a £150m loan - interest free - but only if Mr Ashley is handed the top job.

It was also revealed he had raised the stakes further through a complaint to the City regulator, the Financial Conduct Authority.

The letter claimed that a Debenhams trading statement in January, issued weeks before a profit warning, was "at best impossibly optimistic or at worst deliberately misleading".

Debenhams responded by describing the complaint as "unfounded and self-serving".

Sources at the chain have suggested Mr Ashley's hostility has become a barrier to engagement and that his interests could be best served by dropping his shareholder vote and talking constructively about his long-term vision for Debenhams.

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Sports Direct owner Mike Ashley has attacked Debenhams after the struggling department store The chain is said to view Ashley 's offer as an attempt to destabilise it, and said: 'We welcome Sports Ashley is thought to be considering a takeover of Debenhams to add to his growing empire.

Debenhams to 'carefully consider' Ashley loan offer © Getty Mike Ashley's business interests include House of Fraser, Sports Direct and Newcastle United

However, the billionaire has made it clear he opposes the company's strategy and cannot see the current board building the value of Sport's Direct's near-30% holding following a collapse in the company's market value.

Shares were trading more than 5% higher when the market opened after Debenhams issued its formal response to his offer.

It said: "Any third party loan offer on these terms would require both the consent of our RCF (revolving credit facility) lenders and Noteholders and material amendments to existing facilities.

"Nevertheless, the board will give careful consideration to the proposal and will engage with Sports Direct and other stakeholders regarding its feasibility in the interests of all parties."

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