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Yell Group Plc has been locked in talks for months to refinance their business in an aim to cut £3.8 billion in debt and now 95% of their lenders have agreed to the refinancing plans.

The deal allows Yell to raise a £500,000,000 share sale.

It has been a long process for Yell not being helped by their lenders wings being clipped regarding due to the restrictions placed on them. It has been stated that Yell had at one point threatened to go to court to push the deal through.

Happily though, one of the UK’s most well known businesses have struck a deal to put their plans in action.

With businesses like Yell struggling to refinance their business, it is no wonder that small business finance in the UK is hard to find.

At www.local-business-finance.co.uk our aim is to help small businesses raise the finance they need to keep their plans on track.

There has been lots of talks for months and months about the split up of the national banks that now rely so heavily on the Government. With the Government owning 43% of Lloyds and 70% of RBS this has been a widely talked about issue.

The banks will want to get their houses in order before the end of the financial new year. The competitions commission of the EU, Neelie Kroes, wants to use her powers to put conditions on state aid to encourage competition in the UK banking system as she has done elsewhere. These two factors mean that the pressure is really on.

This will mean a scaling down of the UK banks and the Government Asset Protection Scheme. Lloyds and RBS will have to sell off some of their mainsteem well known branded company divisions. They will also be under pressure to get rid of some of the investment banking sides of the business so as to lessen the risk on the UK taxpayers.