UK retailer and credit card checking group GUS is in danger of defaulting on its bond obligations if the company pushes ahead with a plan to demerge and separately list Argos and Homebase from its Experian division.

HSBC Holdings, the trustee to investors holding the company's outstanding £350m (€512m) bonds due in 2013, has warned the company risks reneging on its commitment to service the debt if shareholders approve the split.