Debenhams Debonair Debs

The Debenhams buyout is rapidly turning into one of the most successful big UK private equity deals ever. It is in the same league as Philip Green’s achievements with Arcadia. Debenhams is now planning to borrow £1.8bn-£2bn of new debt. Some will be used to pay down its existing debt; the rest to write a gargantuan £800m dividend cheque to its private equity backers. This really is quite some payout. The buyout firms – Texas Pacific, CVC and Merrill Lynch – only bought Debenhams in December 200...