Key lenders to Woolworths have drafted in one of the country’s leading corporate restructuring firms to advise them amid growing concerns about the future of the pick’n’mix retailer.
Burdale Financial, a division of Bank of Ireland, and GMAC Commercial Finance appointed Deloitte last week to represent them in negotiations with Woolworths, ahead of a December deadline to finalise its business plan for the company’s next financial year.
Deloitte held discussions last week with Woolworths executives and KPMG, which is advising the retail group, about its business plan and budget. Burdale and GMAC agreed a £385m loan last January that is secured against a range of assets, including much of Woolworths’ retail stock.
Sunday Telegraph, Financial Times