Davies the loan arranger

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Billy Davies has declared his intentions to dip into the loan market after being frustrated in his attempts to sign long-term target Stephen Pearson.

The Preston boss had been hoping to snare the Celtic man prior to the passing of Tuesday's transfer deadline, although he revealed the runaway SPL leaders were reluctant to let him leave Celtic Park.

"We have been denied requests when we have tried to do something," he told the Lancashire Evening Post. "That's been unfortunate."

Davies will now look to strengthen his playing staff by raiding the loan market. Although clubs are forbidden from adding to their squads over the coming days, loan deals of up to three months can be negotiated from Tuesday onwards.

He continued: "We will hopefully try and bring one or two loans in. We know there are still one or two gaps there and we would like to strengthen one or two areas.

"We will have a look at one or two of our own players going out on loan to get some experience once the next seven days is over."

During a busy few days at Deepdale, The Lilywhites have also been boosted by the news that 29-year-old utility man Callum Davidson has extended his contract until June 2009.

Meanwhile, it is understood that North End did not receive any bids for highly-rated striker Dave Nugent despite constant speculation linking Everton with a late swoop.

Sheffield United expressed an interest in taking defender Chris Lucketti to Bramall Lane, although a firm offer failed to materialise.