Meditor saw profits boost after ‘bargain’ Carpet & Flooring deal

Carpetright and Carpet & Flooring owner Meditor Holdings saw underlying profits almost double in 2021 as post-pandemic sales rebounded.

According to newly filed accounts, the group – then made up of Carpetright, Carpet & Flooring, Flooring Megastore and Flooring Supplies – saw sales of £467.4m in the 14 months to 1 January 2022. This compares with £223.5m in the nine months to 31 October 2020.

Underlying EBITDA was £60.3m compared with £32.8m.

Pre-tax losses fell from £43.7m to £14.2m.

The accounts, filed this week at Companies House, also reveal the group paid £800,000 for distributor Carpet & Flooring in March 2021, a sum it described as ‘a bargain.’

Carpet & Flooring had a profit of £1.2m in the period from sales of £69.6m. Although Meditor only paid £800,000, it recorded a goodwill loss of £5.4m. Private equity firm Endless had bought it in 2017.

During the period Carpetright saw sales of £372.6m, compared with £493.2m in the previous 18 month period. 

Pre-tax losses fell from £64.3m to £23.4m.

Meditor’s Nestware subsidiary bought UK Flooring Direct in a pre-pack deal on Tuesday.

Meditor is ultimately owned by Talal Shakerchi, through a trust registered in Bermuda. 

In May John Lewis said it would turn to Carpetright brand The Floor Room to run its flooring departments.

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