Concerns persist for the hundreds of staff employed at 16 Debenhams stores in the Republic and the North as Debenhams said it was trading as normal despite its UK holding company going into administration.

The three US-based investment funds which own the construction supplies and packaging divisions of the old Quinn Group are set to spend another €10m on the business this year in a bid to support its long-term growth.

Britain’s loss-making Co-operative Bank said it was confident of raising the extra funds it needs to secure its future even without the backing of customer-owned parent, the Co-operative Group.

The Co-operative Group has confirmed that it will hand control of its troubled banking arm to a group of powerful investors through a new rescue plan.