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CarpetrightGuildford
"We are delighted to have received such strong support," said CEO Wilf Walsh
Carpetright's turnaround plans gather pace today with the chain launching its fully underwritten share issue that will net the retailer £60 million, half of which will be invested in stores and online.

 

The UK's largest flooring retailer, which is looking to downsize its store estate through a CVA, is issuing 232 million new shares at 28 pence apiece, a discount of nearly 16 percent off yesterday's closing share price.


Shares have already been conditionally placed while qualifying existing shareholders have also been offered the chance to participate.


"We are delighted to have received such strong support from our shareholders and other investors in achieving this fully underwritten fund raise," said CEO Wilf Walsh.


"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."


£33 million of the funds raised will go towards the group's capital expenditure plans.


Mr Walsh added: "We believe that a recapitalised market leader will ultimately be better for customers, suppliers, landlords and shareholders."

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