Ailing department store chain Debenhams said today it was in advanced talks with its lenders for additional loans of about £150m. 

The company said £40m from these loans would be used to refinance a bridge facility of the same amount announced on February 12. 

The announcement comes days after Mike Ashley, one of the UK's most famous and unorthodox businessmen, said he was willing to take charge of Debenhams.

Mike Ashley also said he would seek to remove most of the board and install himself in an executive role.