THE collapse of British retailer Woolworths is expected to result in a windfall in penalty fees for Bank of Ireland.

Shares in British high street retailer Woolworths were suspended today as talks continued over plans to rescue the business.

Emergency talks to save Woolworths from administration were expected to continue today as a revised rescue deal was drawn up, it was reported.

Efforts to rescue the stores arm of Woolworths in the UK are close to collapse after the retailer’s lenders refused to sign up to a deal, it was reported today.

TROUBLED MFI agreed a new £150 million banking facility to fund its turnaround.