Debenhams acquires Roches Stores outlets

British retailer Debenhams plc has today announced that it has signed contracts for the acquisition of nine Roches Stores outlets in Ireland for €29m, plus the value of stock.

The €29m is payable in three instalments, €15m at completion, €5m on the first anniversary and €9m on the second anniversary. The acquisition will be funded from existing cash and bank facilities, Debenhams said..

The stores, which are in Henry Street, Dublin; Blanchardstown; Blackrock; Tallaght; Cork; Limerick; Tralee; Galway and Waterford, have a total trading space of 500,000 sq ft.

Debenhams will acquire the assets in these stores and the properties will be leased to Debenhams.

Debenhams intends to convert the stores and introduce its unique mix of designer products, concessions and international brands over a period of six to twelve months.

Completion is subject to a number of conditions including Irish Competition Authority clearance.