June 6, 2018 / 6:35 AM / 9 months ago

Carpetright secures 60 million pound lifeline in equity raise

A branch of Carpetright is seen in south west London, Britain January 19, 2018. REUTERS/Toby Melville

LONDON (Reuters) - Carpetright (CPRC.L), the struggling British floor coverings retailer, has secured a 60 million pounds lifeline through an equity raise, it said on Wednesday.

Last month the firm proposed an issue of 232.5 million new shares through a placing and open offer at a price of 28 pence per share.

It said the open offer closed on Tuesday and was 92.1 percent subscribed. The balance of available stock will be taken up in the placing.

In April creditors and shareholders of Carpetright backed a restructuring plan that involves 92 store closures and up to 300 job losses.

In May it also obtained a 15 million pounds shareholder loan.

Carpetright shares closed on Tuesday at 35 pence, valuing the business at 106 million pounds.

Reporting by James Davey; editing by Sarah Young

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