BHS owners secure £60m loan to save the chain

The new owners of BHS have secured a loan of around £60m to turn around the fortunes of the troubled retail chain.

Retail Acquisitions said that when added to cash reserves, the funding from London-based investment firm Grovepoint Credit gives it working capital of more than £85m.

The news comes just weeks after the consortium announced that it was in talks with a number of lenders to raise the funds it needed to implement future plans.

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The owner of Retail Acquisitions, Dominic Chappell, told The Independent: “This is a major step forward for BHS. All of the money raised from Grovepoint will be invested in the business.”

Sir Philip Green sold BHS to Retail Acquisitions for £1 in March, bringing his 15-year ownership of the business to an end.

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