Debenhams has secured a £40 million cash injection after holding talks with its lenders.

In a statement, the department store retailer said that the facility agreement will ‘act as a bridge to facilitate a broader refinancing and recapitalisation’.

Sergio Bucher, Debenhams chief executive, said: "Today's announcement represents the first step in our refinancing process. The support of our lenders for our turnaround plan is important to underpin a comprehensive solution that will take account of the interests of all stakeholders, and deliver a sustainable and profitable future for Debenhams.”