Thu, 9th May 2019 08:27
9 May 2019
Investor consortium confirms commitment to the businesses
Celine UK NewCo 1 Ltd, "Celine", owner of the Debenhams Group, confirms that the marketing process undertaken as a condition following the administration of Debenhams plc, has completed. The administrators of Debenhams plc considered the bids received during the marketing process and determined that these were not at the level required to be taken forward and therefore the ownership of the Debenhams Group remains with Celine.
Stefaan Vansteenkiste, CRO, representing Celine, said:
"The investor consortium is a committed long-term owner, which has provided Debenhams with £200 million in fresh funding for the financial restructuring process and to fund the company's operating turnaround. Within the consortium, there is extensive turnaround experience, which we will deploy to support the management's plan and to position Debenhams for a long-term successful future."
Terry Duddy, Executive Chairman of Debenhams, said:
"I am pleased that our new owners have confirmed their commitment to Debenhams and remain supportive of our plans to restructure the business. We are confident that we will receive support for our CVA proposals, which make sense for all parties, and will give us the platform to deliver a turnaround."
Brunswick Group Tim Danaher/Craig Breheny/Fiona Micallef-Eynaud
020 7404 5959
Notes to editors:
Administrators were appointed to Debenhams plc (in administration) on 9 April 2019. The underlying group operating companies are unaffected and all businesses are continuing to trade as normal. Debenhams Group Holdings Limited, its subsidiaries and certain dormant companies, which together make up the Debenhams Group, were transferred to the ownership of Celine UK NewCo 1 Ltd. on 9 April 2019.
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.