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Carpetright fundraising rubber-stamped by shareholders

Carpetright shareholders have rubber-stamped the group’s £60m fundraising, with the new shares to be listed on Friday.

Some 232,463,221 shares have been issued at 28p a share, increasing the number to 303,787,164.

The votes at Wednesday afternoon’s general meeting conclude the CVA and fundraising process, preventing the chain from collapsing into administration or liquidation.

‘Successful completion of the fundraising is a major milestone in our recovery plan and we would like to thank our existing shareholders and new investors for their strong support,’ said Wilf Walsh, Carpetright ceo.

‘The £60m net proceeds give us the resources we need to accelerate our turnaround by creating a right-sized portfolio of stores on sustainable rents, modernising our store estate and upgrading our digital platform. Carpetright remains the clear market leader and our strengthened balance sheet provides a solid platform on which we can build our recovery for the benefit of customers, colleagues, shareholders, suppliers, and landlords.’

The chain has earlier revealed that 92.1% of existing shareholders had signed up for the new shares, with the remainder being placed.

Walsh’s strategy is to roll out the store revamp programme to the stores it wants to keep, rather than just those where a Tapi branch has opened, invest in its website and promote its wider non-carpet ofer.