CVC and TPG resign from Debenham's board

Debenhams' private equity backers, CVC and TPG Capital, have reportedly both resigned from the UK retailer's board after refusing to take part in the company's £323m cash call.

According to reports, the capital raising was held through a share offer to existing shareholders and was designed to pay down some of the company's £971m debt pile. Only 73.3 million of the possible 241.4 million new shares offered were taken up.

It was reported that the remaining shares were placed by investment banks Citi and Merrill Lynch to other institutional investors.

In 2003, CVC and TPG took the retailer private before floating it on the market three years later.

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