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House of Fraser secures support from lenders

House of Fraser has received support from its lenders ahead of its CVA vote.

The department store chain, which wants to close 31 of its 59 stores, has agreed an extension to a £125m loan and a £100m revolving credit facility, according to the Press Associataion.

The move came after discussions with its lenders HSBC and Industrial and Commercial Bank of China, and would see the loan extended to the end of 2020.

The deal is dependent on creditors approving the CVA plans, which would also see rents cut on 10 stores, and Hamleys parent C Banner investing £70m when its buys 51% of the chain. The takeover is also conditional on the CVA.