Debenhams closes on Roches deal

A BRITISH department store group is close to finalising the takeover of Roches Stores in a deal worth just under €30 million to the Cork-based retailer.

According to a report yesterday, the Roches family, who own the 105-year-old company, will get €29m from the sale, which is expected to be announced this week. The muted price is just a tenth of the company’s annual sales, and includes only nine of the 11 Roches outlets.

The deal is much less than the €150m value put on the deal when it emerged last month.