Debenhams' owners, CVC Capital Partners, Texas Pacific Group and Merrill Lynch Private Equity, are planning to strip £800m (€1.17bn) from the UK retailer through a £2bn refinancing. They are expected to float the group later this year.

They took Debenhams private for £1.7bn in December 2003 and have already taken out £50m in dividends by refinancing with a £325m bond issue. The equity in the original deal has been estimated at £400m.