3i says on track to cut debt below 1 bln pounds

LONDON Thu Jan 31, 2013 2:16am EST

LONDON Jan 31 (Reuters) - British private equity group 3i said on Thursday it had made strong progress in its efforts to restructure the business and was on track to cut debt below 1 billion pounds ($1.58 billion) by June.

The owner of women's fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn said net asset values grew 4.8 percent to 286 pence a share in the three months to the end of December.

Its debt at Dec. 31 stood at 1.2 billion pounds.

Chief Executive Simon Borrows, who took over last year following shareholder frustration at poor share price performance and weak results from its buyout business, also said the company expected to exceed its cost-cutting targets for the financial year.

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