Shares in Taylor Wimpey surged 18% after the group edged closer to a deal with creditors to help restructure its £1.55bn debt pile.

The company is understood to have reached an agreement with a group of key euro bond holders earlier this week that should pave the way for a deal that will end lingering uncertainty over the company’s future. Shares in the company rose by 4.25p to 27.75 in early trading.

The Times Online