Carpetright Share Discussion Threads

[loganair] 26/3/2018 15:07

Not surprised the share price continues to fall considering Carpetright's CEO has basically said the shares are worthless.

[kumala] 23/3/2018 16:31

.As recorded by Companies house, Lord Harris has never been registered as a Director of Tapi.

There are currently 21 Directors appointed for Tapi at Companies house, under company number 09247255.
The first Tapi store opened mid May 2015.

With CPR share price now entering the 30/40p zone, where will it end, all investors are now sitting on losses, the Company floated at circa £1.47 and the share price eventualy got to Circa £12.00, it’s never been so low,so this is hurting some big time, a great shame.

Tapi is gaining ground store wise and with increasing turnover and profits, while CPR closes stores with reducing turnover and diminishing profits, not looking good, Tapi will float at some point, not sure when.

GLA. All in mho of course.
K


From: hxxp://www.insightdiy.co.uk/news/former-carpetright-director-launches-new-flooring-chain-tapi/3988.htm

Dated 29th May 2015

Mr Harris — son of Carpetright founder Lord Harris and a seasoned flooring executive in his own right — opened the first Tapi store on Tooting High Street last week.

A second store will launch this weekend in a former Paul Simon unit on the Pasteur Retail Park at Great Yarmouth with a third to follow — also in East Anglia — at an as yet undisclosed location in Ipswich.
Mr Harris, who is launching the chain with a host of former Carpetright executives, hopes to roll out the Tapi concept across the UK with a reported 200 store target.

Sir Harry Djanogly, a former Carpetright non-executive director, is to become Tapi chairman and heads a long list of associations with Britain’s largest floorcoverings retailer among the Tapi management.
Besides Martin Harris, the Tapi board is comprised of his brother Charles Harris, Philip Saunders, Garry Postle, Paul Jacobs, Terry Moore, Willem Tijink, Johanna Constantinou, Tracey Skea, Stephen Davies and Karen Knighton.

Tapi’s offer is pitched at the mid-market and comprises carpets and smooth floorcoverings with a predominantly own-brand offer. Investors have pumped nearly £5m in equity into the business and include the DFS founder Lord Kirkham, according to trade journal Retail Week.

The company — CWH Projects — appears to also have agreed further finance, with Barclays lodging details of it being granted security over assets at Companies House in recent weeks.

K

[tr65] 22/3/2018 09:11

Business as usual, but with customers ducking the sword of Damocles swooping overhead.

[loganair] 22/3/2018 07:34

Carpetright has agreed a £12.5m unsecured loan from major shareholder Meditor to help with “short-term working capital requirements”.

CEO Wilf Walsh said it would be “business as usual” during Easter.

[loganair] 21/3/2018 20:15

With so many retailers struggling and many of their stores not being on the high street I do not think there will be many if any takers for them.

[butterflycollector] 21/3/2018 20:12

They will need a perfect storm to pull through this,
will creditors agree CVA ?
Will landlords play ball? If it’s prime sites, other retailers will be wanting the unit no doubt,
will they realise the £60 million needed by another share option?
Will suppliers continue with 90 day credit facility?
Will customers risk purchasing from them when there are plenty of similar retailers?

Too little too late IMO

[butterflycollector] 21/3/2018 20:07

Looks like they made A “stair rod for their own back”

[loganair] 21/3/2018 20:05

"The board is therefore exploring the feasibility of a CVA in order to expedite the rationalisation of its property portfolio, with the clear objective of establishing a right-sized estate of contemporary stores, on economic rents, complemented with a compelling online offer.

"The conditional equity issue, which is intended to follow a successful CVA, would recapitalise the group and we believe provide the necessary funds to accelerate its turnaround and address the competitive threat from a position of financial strength."


What I understand Carpetright's CEO is saying that the current shares are worthless.

[tr65] 21/3/2018 15:30

Interesting putting CPR and MTC charts together. A sad end for both.

[2breakout] 21/3/2018 13:52

Chairman,s head never been right since he was getting all the love letters from blondeamon (advfn analyst of the year). So many puns in there?

[ltcm1] 21/3/2018 13:12

Hanging by a thread. The Chairman needs to get a gripper.

[tr65] 21/3/2018 11:25

Yes, but not yet. It might be kept afloat for a while with its share price sliding down to virtually nothing. On the other hand, a rescue rumour might make it spike up briefly...

[shwetal] 21/3/2018 09:58

Is CPR going to be delisted !!!Only sincere thoughts please.

[tr65] 21/3/2018 09:39

Just when you thought it couldn't get worse...

[loganair] 21/3/2018 09:15

I wouldn't be at all surprised if the current share holders are completely wiped out by Carpetright being put into a CVA and new shares being issued to the banks who will then wholly own the company.

[loganair] 21/3/2018 08:57

Carpetright has agreed a £12.5m emergency loan to relieve "short-term funding pressure."

Carpetright may also raise up to £60m from investors to boost its finances by pushing through an equity issue of between £40 million and £60 million to fund plans to reboot the business and drive down debt and cover costs associated with a CVA.

Chief executive Wilf Walsh blamed the firm's previous management for opening too many stores that were poorly located and had "simply unsustainable" rents.

"Many of these poor performing stores still have long leases to run, which has limited our ability to exit a meaningful number in the short-to-medium term," he said.

[smurfy2001] 21/3/2018 08:50

Arrangement fee of GBP 1.875 million.

Wow.

The rest of the RNS makes this one untouchable.

[this_is_me] 21/3/2018 08:49

Lets see if I have got it right:

People are no longer stupid enough to just change their carpets every 5 years just because their wives want a change.
If we declare ourselves bust we can get out of whatever lease contracts we want to. (stuff those who own shares in property companies)
If we can swing it so that we are not really bust we can keep our jobs and get a fat bonus in a couple of years.
We need to squeeze huge amounts of cash from shareholders, who have already lost a lot of money, to make this work.

Luckily for Me I decided not to invest here, but it was a close decision.

[loganair] 21/3/2018 08:30

Any new funding that Carpetright is likely to get will be expensive and will therefore after only a very short period compound their financial difficulties.

[diku] 21/3/2018 08:28

Will the 70% sale finally end?...

[hybrasil] 21/3/2018 08:25

They call an acceptance fee of 10% normal commercial terms. It is not

[smurfy2001] 20/3/2018 23:11

The retailer is seeking at least £10m in short-term funding as it plots a sweeping store closure plan, Sky News learns.

hxxps://news.sky.com/story/troubled-carpetright-scrambles-to-secure-emergency-funds-11298483

[meijiman] 20/3/2018 17:55

The actions to save this dog should have been put in place 18 months ago not now.

[butterflycollector] 20/3/2018 17:39

That’s what MFI did, within 14 month the ”Newco” was gone, it’s hard to get credit when your in A CVA, suppliers want paid upfront and landlords who will have had to renegotiate won’t allow late payments