Agreement sought from creditors
Retail restructuring group Hilco has acquired a 50 per cent share in Hyper Value, the mixed merchandise discount retailer.
Hyper Value trades from 26 locations in Wales and the Southwest. It has been experiencing tough trading and has used its banking facilities in full.
Hilco has agreed to refinance existing bank loans and, conditional on creditor support, to make further cash advances to Hyper Value, bringing the total investment to more than£9 million.
Hilco chief executive Paul McGowan said: 'We have agreed to provide additional working capital to the company if it can secure agreement from its existing creditors. I expect that a formal offer will be made to all creditors in the next two or three days.'
He added: 'The long-term future of the business is in the hands of its creditors and we hope that they will support the offer being made to them.'
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