Darcy Willson-Rymer officially joined Card Factory as its new CEO yesterday (March 8), and he will have no doubt had an interesting first day.
The share price of the UK’s largest specialist retailer is flying high, having gone through a steep incline in value over the last few weeks, buoyed no doubt by the announcement of road map by PM Boris Johnson which gives some certainty to April 12 as the reopening date for non-essential retailers. Card Factory shares slumped to 24p a share at the start of the first lockdown, but has recently risen as high as 68p, but has slipped a bit to 61p.
There has been considerable media interest in the last couple of days about the retailers moves to secure extra funding to counteract the effects of the pandemic which has seen all of its 1,000 stores be forced to close for a large chunk of the last year.
In an official statement, issued a few days ago, Card Factory gave assurances that it is having “constructive discussions” with the company’s “banking syndicate who remain supportive.”
The announcement confirmed that Card Factory’s banks have provided further waivers in respect of anticipated covenant breaches through until 31 March 2021, “taking account of the Company’s cash flow projections, subject to certain conditions.”
Top: Card Factory is full steam ahead on its plans to reopen stores on April 12.
