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.