Mike Ashley ups efforts to take charge at Debenhams

Debenhams is to seek €230 million in new financing and pursue a restructuring plan in a move which could wipe out existing shareholders including Mike Ashley.

Update 12.45pm: Mike Ashley has ramped up his efforts to gain control of Debenhams as the department store chain puts in motion plans to secure €230 million in new funding.

The retailer has also announced it will pursue a restructuring plan in a move which could wipe out existing shareholders, including the Sports Direct founder.