Private equity firm Cerberus Capital Management is understood to be working with US distressed debt specialist Hilco, in its bid for Focus, the DIY group. Financial Times. The Times

An announcement about the future of the heavily indebted group, which is majority-owned by private equity groups Apax Partners and Duke Street Capital, could come by the end of next week. The retailer was put up for sale in January after it became clear that its sales were not improving fast enough to service its £280m debt. Its banks set a June deadline for a rescue deal.