Debenhams boss blames rumours of insolvency on ‘nosy neighbours’

Sir Ian Cheshire denied that the department store chain was seeking a company voluntary arrangement with KPMG. Debenhams has been under intense pressure after three profit warnings in quick succession
Sir Ian Cheshire denied that the department store chain was seeking a company voluntary arrangement with KPMG. Debenhams has been under intense pressure after three profit warnings in quick succession
DAN KITWOOD/GETTY IMAGES

The chairman of Debenhams has denied suggestions that the retail chain may be looking into an insolvency process, saying that it is “simply not true”.

Sir Ian Cheshire said that speculation about the department store chain’s future had become a circus and referred to nosy neighbours gossiping about its health.

His comments came after a trading statement on Monday failed to halt a decline in its share price. The shares fell by 10.2 per cent on Monday, but rebounded 6.7 per cent to 12¼p yesterday after Sir Ian’s comments, valuing Debenhams at £143 million.

Founded as a drapers shop in London in 1778, Debenhams has 165 stores in Britain as well as a large, mostly franchised, overseas operation. It is among several retail chains that