Phoenix-backed Musto to restructure debts

In 2009, holding company Musto Topco made a £9.5m loss before tax. A £1.46m loss in sales followed in 2010. Musto is reported to have had bank loans amounting to £19.6m in 2010.

The company's chief executive Nigel Musto stated that refinancing will underpin plans for the retailer's expansion in 2012.

In 2007, Phoenix acquired a majority stake in Musto Ltd specialist clothing company for sailing, equestrian, shooting and fishing communities. The deal valued Musto at £40m.

Musto is based in Essex and was founded by Keith Musto, an Olympic silver medallist at the '64 Tokyo games, in the early 70s. The company predicts renewed interest in its products due to the imminent 2012 Olympic Games in London.

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