United ‘ready to borrow’

UNITED Co-operatives has plans to increase borrowings if the board decides to bid for Somerfield. As reported in the last issue of the News, United are considering making an offer for the £ 1 billion-rated company and are carrying out due diligence procedures through advisers Rothschild
A United spokesman told the News: "We can confirm our members voted overwhelmingly – 97 per cent of votes in favour – to increase the society's borrowing powers, which, if we so decide, could be utilised to fund an offer for Somerfield."