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Focus Wickes

UK do-it-yourself retailer Focus Wickes is close to announcing the recapitalisation of the GBP375 million senior debt financing put in place in early 2001 to back Focus Do It All’s acquisition of Wickes. Bank of Scotland and ING, which arranged that leveraged loan and were also mandated to arrange an IPO-linked financing for the company this summer, are likely to be first in line to arrange this transaction.

The IPO was pulled due to poor equity market conditions. The company is now progressing with the recapitalisation anyway, as financial sponsor Duke Street Capital is keen to realise some cash from the business this year and an IPO cannot now be rescheduled in time.