Retail co-operative John Lewis plans to raise £300m through a 20-year bond and separately has moved to replace its outgoing finance chief.

The department store retailer said the 4.25 per cent bonds will mature in 2034, be issued in minimum £100k denominations, and be sold primarily to professional institutional investors.

It said the proceeds of the issue will be used to prepay previously-agreed deficit-reduction contributions to the John Lewis Pension Fund.

Separately, John Lewis Partnership has named Loraine Woodhouse as acting group finance director with effect from Monday 1st December. She replaces outgoing FD Helen Weir, who is joining rival retailer Marks & Spencer.