Woolworths rescue talks to continue

NEGOTIATIONS on the future of Woolworths are continuing, with Bank of Ireland’s British subsidiary, Burdale, thought to be considering options to prevent the retailer from going into administration.

Burdale, along with GMAC Commercial Fin-ance, is believed to have lent Woolworths £385 million (€451.4m) in January. The largest shareholder in Woolworths, property entrepreneur Ardeshir Naghshineh, yesterday outlined an alternative plan to help save the group from sale or administration.

He said he had talked with the banks over the plans and confirmed they were interested in taking negotiations further, this time with Woolworths’ management.