Card Factory PLC Liquidity Update (2862N)
29 January 2021 - 6:00PM
UK Regulatory
TIDMCARD
RNS Number : 2862N
Card Factory PLC
29 January 2021
29 January 2021
Card Factory plc
(" Card Factory " or the " Company ")
Liquidity update
Card Factory, the UK's leading specialist retailer of greeting
cards, dressings and gifts, today issues an update regarding its
liquidity.
We reported on 14 January 2021 that, as a result of recent and
current lockdowns, we anticipated that our banking covenants would
be breached at the end of January. We also noted that we were in
constructive discussions with our banking syndicate.
We are pleased to announce that our banking syndicate has
provided waivers in respect of anticipated covenant breaches
through until 28 February 2021 taking account of the Company's cash
flow projections, subject to certain conditions. We remain in
constructive discussions with our banks, and have agreed a process
to continue to explore a range of potential solutions, with scope
for further extensions to the waivers as this process
continues.
A further update will be provided in due course.
Enquiries
Card Factory plc via Tulchan Communications (below)
Paul Moody, Executive Chairman
Kris Lee, Chief Financial Officer
Tulchan Communications +44 (0) 207 353 4200
James Macey White / Elizabeth Snow cardfactory@tulchangroup.com
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