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Carpetright's biggest shareholder raises stake to just under threshold required to make formal bid

In a regulatory filing, Meditor was shown to have increased its holding in the floor coverings retailer to 29.99%, up from 16.47% - last month the hedge fund raised its stake in Carpetright from 12.29%
Carpetright store
The stake move come ahead of a meeting scheduled for Thursday where Carpetright’s creditors and landlords will vote on a restructuring plan

Carpetright PLC’s (LON:CPR) biggest shareholder, hedge fund Meditor Capital Management has raised its stake in the under pressure retailer to just under the threshold at which it would be required to make a formal takeover offer.

In a regulatory filing, Meditor was shown to have increased its holding in the floor coverings retailer to 29.99%, up from 16.47%.

READ: Carpetright becomes latest company to ask creditors for help as it unveils plans to close 92 stores

Last month the hedge fund raised its stake in Carpetright from 12.29%.

A separate regulatory filing today, also showed that US fund manager Franklin Templeton has reduced its holding in Carpetright to 1.69%, down from 15.95% previously. 

The stake moves come ahead of a meeting scheduled for Thursday where Carpetright’s creditors and landlords will vote on a restructuring plan.

Earlier this month, the stores group said it would seek creditor approval for a Company Voluntary Arrangement (CVA).

The plan involves the closure of 92 stores, plus rent reductions at 113 others and could see up to 300 jobs cut.

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Carpetright Timeline

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