New £150m facilities replace the existing £200m facilities which would have expired in May 2010. The new facilities expire in January 2013 and, together with the Group's continuing strong cash generation, provide the necessary level of operational and financial flexibility to meet the Group's funding requirements for the longer term. The amount drawn under the previous facilities as at 2 November 2008 was approximately £108 million.

The impact of the higher margin and fees payable under the new facilities are offset by a decrease in LIBOR and will thus result in the blended cost of finance for the Group being broadly unchanged.

Harriet Green, Chief Executive said: "We are pleased that our relationship banks have agreed the extension to our bank facilities despite the difficult financing markets. This is testimony to the strength of our strategy, the progress we have made in transforming our business model and our strong cash generation. The continued strong support of our banks throughout the process has been critical in achieving the facility extension. This provides us with a financing structure into the longer term which will allow us to continue to invest in the areas of our business where we continue to see growth."