Fri, 15 Nov 2019 | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its largest shareholder, Meditor Fund. The deal values Carpetright’s issued share capital at £15.2 million and sees the company be acquired by Meditor Holdings, a newly incorporated subsidiary of Meditor Fund.
The new subsidiary was formed especially for the purposes of the takeover. Meditor Fund owns 29.9 per cent of Carpetright, with Meditor Holdings now purchasing the remaining shares.
Meditor Fund had purchased the lender’s interests in Carpetright’s revolving credit facility in September of this year. This is set to expire, along with Carpetright’s overdraft facilities, on December 31.
The buyout was unanimously recommended by Carpetright’s directors. Carpetright Chairman Bob Ivell said: "We believe the MHL offer is in the best interests of all stakeholders.
"While we have made significant progress with our recovery plan for the Carpetright Group, our ability to invest in the future of the business has been constrained against the backdrop of limiting banking covenants and a very challenging consumer market.
"With a recapitalised business and the backing of a committed new owner with the resources to invest in Carpetright for the long term, we will be able to complete our recovery in the private arena and emerge as a stronger business."
Meanwhile, Talal Shakerchi, director of MHL, added: "I believe this scheme represents the best outcome for all stakeholder groups. In particular, with Meditor's support and financial backing and without the constraints of a public market listing, Carpetright will be well positioned to compete more effectively."
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