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United Carpets secures multi-million pound loan

UnitedC2020United Carpets has secured a multi-million pound loan, more than doubling its cash position.

The group has used the Coronavirus Business Interruption Loan scheme to boost its funds by £2m.

As of 31 March the group had £1.45m of cash.

‘We expect 2020 to be an unpredictable period due to Covid-19. Nevertheless, we believe strongly in the group’s core retail proposition providing great products and great value to our customers and with this as a base the board is confident the company is well placed to return the business to a commercially strong position,’ Peter Cowgill, United Carpets chairman said last month.

‘During the lockdown period, we first stabilised the group ensuring the safety of employees and then ensured the financial security of the business, utilising the support offered by Government. Subsequently, we have used the time whilst the stores were closed to review the ongoing costs of the business and, as a result, have identified significant annual costs savings which are expected to translate into a substantial improvement in operating margin going forward.’