Travelodge chain agrees debt deal

Hotel chain Travelodge has agreed a deal to cut its debts substantially, which it says will secure the long-term future of the business.

Some £235m of bank debt will be written off, the firm said, reducing the total to £329m. It will also have longer to pay off remaining debts.

Three major investors will also inject £75m into the firm.

Rob Donaldson Head of Private Equity at the accountancy firm Baker Tilly, told the BBC this would mean customers would have a better experience in the long term.