UK - TPG exits remaining Debenhams stake in £97m deal

TPG, CVC, and Merrill Lynch took the retailer private in 2003, only to refloat the company in 2006, loading the group with heavy debts.

In June, Debenhams raised £323m to reduce its borrowings, but TPG and CVC both refused to take part in the cash call. CVC sold £40m worth of shares, slashing its holding in the company to 2.4%. Merrill sold its remaining shares in the business last year.

The London-based fashion retail group was founded in 1778 and focuses on the design and sale of clothing for men, women and children.

Last week, Debenhams said it had reduced its debt by £403m to £590.3m, as well as reported a 14% increase in annual profits to £125.2m. The company's shares rose 3.4% to 85.5 pence on 28 October.

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