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Carpetright Launches New Funding Plan

Carpet right good image

In a statement published on Friday, the carpet and flooring retailer with 410 stores and concessions in the UK said that £60m of funds would be raised through the issue of new shares at a price of 28 pence each.

The proceeds will be used to cover costs associated with implementing Carpetright’s company voluntary arrangement, to repay a short-term loan from major shareholder Meditor, and to fund the company’s capital expenditure plans that form part of its new business strategy. 

Read - Carpetright implements CVA and confirms closure of 92 stores.

Wilf Walsh, chief executive of Carpetright, said: "The £60 million proceeds from the placing and open offer will give us the resources we need to complete our restructuring and accelerate our recovery plan.

“As well as funding implementation of the CVA to create a right-sized estate of stores on sustainable rents, it will provide the necessary capital to refurbish and modernise the ongoing store estate and to upgrade our digital platform - both vital investments in our future.”

The fundraising is subject to approval at a general meeting in June although Carpetright said the plan has the strong support of shareholders.

Source: Insight DIY Team

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19 May 2018

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