Carpetright’s revolving credit facility bought by shareholder
Carpetright has announced that shareholder Meditor has agreed to buy its revolving credit facility from lenders NatWest and AIB.
The terms of the £40.7 million facility remain unchanged. It has recently been reduced following the sale of two properties in Amsterdam.
Carpetright’s overdrafts will continue to be provided by NatWest and Ulster Bank. However, Meditor will enter into participation agreements with the two banks, which means it will effectively provide funding.
Mediator agreed to the purchase of the revolving credit facility at arm’s length and did not seek any assurances from Carpetright or request board representation or structural changes in the business.
Carpetright said in a statement: “Meditor has confirmed it now intends to engage with the company with a view to providing a more stable and longer-term funding platform.”
