Carpetright, one of the UK’s biggest flooring retailers, has filed a notice of intention to appoint an administrator, putting 1,800 jobs at risk as it races to secure extra funding.
The company filed the notice with the high court to appoint administrators while it worked to finalise new investment to protect its long-term future.
The move gives the company 10 days protection from creditors while negotiations continue and Carpetright tries to secure a future for its 272 stores, which employ 1,852 people in the UK. The retailer will continue to trade.
PricewaterhouseCoopers has been lined up as possible administrators but not yet been appointed.
High court records show that Carpetright, advised by the law firm Travers Smith, filed the notice on Friday.
The retailer has been struggling in recent months as consumers cut back on spending on furniture and furnishings due to the lacklustre economy and the cost of living crisis.
Carpetright also was hit by a cyber-attack that disrupted trade in April and subsequently affected its plans to restructure.
Kevin Barrett, the chief executive of its parent company Nestware Holdings, said: “We remain focused on securing external investment to ensure as few customers and colleagues are impacted as possible.
“They are our main priority and we are taking all appropriate action to make sure they are informed and supported through this process. We have begun promising conversations with interested parties that are moving in the right direction, encouraging us that Carpetright has a viable future.”
Carpetright is one of the largest flooring retailers in the UK and is part of Meditor Group, a hedge fund, after being sold in 2019 for £15m.
At that time Carpetright, which was once a FTSE 250 company, had been struggling with difficult trading conditions and tough competition from its rival Tapi, which was set up by the family of Lord Harris, the founder of Carpetright.
Separately, Unilever plans to cut as many as 3,200 roles in Europe by the end of 2025, according to details of a company-wide call first reported by the Financial Times on Friday.
The cuts are part of an overhaul at Unilever, which has brands from Marmite to Domestos bleach, announced in March. Overall, it is cutting 7,500 jobs globally and spinning off its ice-cream division as part of the revamp, which is aimed at saving about €800m (£684m) over the next three years.
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2024-07-12 17:48:00Z
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