Baugur completes £132m deal
Baugur completed a£132 million refinancing of Jane Norman this week.

The deal follows a long period of strong trading at the young fashion chain and will result in£70 million being returned to shareholders.

Unaudited accounts show that Jane Norman has sales of£132 million and EBITDA of£30 million for the 2006/2007 financial year. In 2005 and 2006, sales grew from£70.7 million to£97.3 million and EBITDA increased from£14.3 million to£20.8 million.

Baugur acquired the chain in July 2005 and refinanced its mezzanine debt last August. The package will mean that Jane Norman only has senior debt, giving it a strong platform for future growth, which is likely to come via international expansion. It has plans to open up to 100 stores in the UK and overseas.

Baugur Retail Investments managing director Gunnar Sigurdsson said: 'The company continues to be well-positioned to further its growth - both in the UK and Ireland, as well as internationally.'