The shares rose bp to 7bp despite the com­pany announcing a 5 per cent drop in same-store sales. Finance director David Abrams said the financing deal removed uncertainty.

The company is testing three new store formats after spending much of the past year in what one analyst called “survival mode”.

It has slashed costs by cutting 550 jobs and closing 81 stores. As a result, total group sales fell 25 per cent to £135million, but pre-tax losses narrowed from £25million to £11.2million for the half year to March.

Adams said the outlook meant the rest of the year would be tough, although “it is not as bad as it looks”.

He said: “We expect to make a small loss for the year.”

The company has cut back on selling low-­profit consumer cameras, such as digital compacts, to focus on high-end digital SLRs.