Dixons wins bank support

Dixons Retail owner of Currys and PC World, says it has been given new credit by its banks and will be able to meet debt repayments this year.

The UK company, which is Europe’s second-biggest electrical goods retailer, said it had agreed a new banking facility of £300 million, leaving it “well-placed” to make a £160 million repayment due this year.

Two weeks ago, Dixons posted better-than-expected fourth quarter sales, the company said sales for the 16 weeks to 28 April rose 8 per cent in the UK and the Republic of Ireland, where it has more than 600 stores. It also forecast that full-year pre-tax profits, which will be released next month, will be between £65 million and £70 million, which is at the top end of expectations. It said its new Knowhow service, which installs and repairs products, had proved to be popular

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