COMPANIES Aurum Holdings, the owner of Goldsmiths, Mappin & Webb and Watches of Switzerland, has almost halved its debt burden through a debt-for-equity swap with its lender, Landsbanki.
Under the terms of the deal, announced on Sunday, £42m of mezzanine debt owed to Landsbanki will be converted into equity, cutting the Leicester-based jeweller’s borrowings to £55m. The group’s annual interest burden will fall from £6m to £3m.
