Ashurst advises Peel Hunt and Deutsche Bank as joint bookrunners on £65 million placing and open offer of Carpetright plc

Ashurst advised Peel Hunt and Deutsche Bank as joint bookrunners (and Peel Hunt as Sponsor) in relation to the £65 million placing and open offer of Carpetright plc, launched on 18 May 2018. Carpetright is Europe's leading specialist floorcoverings and beds retailer, with stores in the UK, the Netherlands, Belgium and the Republic of Ireland. The placing and open offer was one of several inter-conditional steps previously announced by Carpetright as it seeks to rationalise its UK store portfolio, and follows on from the company voluntary arrangement (CVA) previously announced by Carpetright and approved by creditors and shareholders in April 2018. The net proceeds of the placing and open offer were to be used to cover certain costs associated with implementing the CVA, repay certain debt, fund its capital expenditure plans and fund ongoing working capital requirements.

The Ashurst team was led by partner Nicholas Holmes, head of equity capital markets, and partner Jennifer Schneck (with respect to US Securities aspects), assisted by counsel Caroline Chambers, senior associate Jeffrey Johnson and solicitor Louise Johnson. Counsel Jonathan Hoare advised in respect of real estate matters and counsel Inga West advised in relation to the CVA.