JLP raises credit limit to finance business plans

The John Lewis Partnership has upped its borrowing power to£300 million to finance business opportunities.

The retailer, which owns Waitrose and has a stake in Ocado, as well as the eponymous store chain, has negotiated fresh borrowing agreements with banks including CSFB, Royal Bank of Scotland, Barclays and NM Rothschild. They will replace the current facility of£150 million.

Evolution Beeson Gregory analyst Nick Bubb said the enlarged war chest was to 'fund investment opportunities'.

John Lewis plans to add a further 10 stores to the 26-strong chain by 2012.