There is further evidence of the stress on the high street with an unscheduled trading update this morning from the troubled retailer Carpetright that suggests that it could be close to breaching its banking covenants. “The group is proactively engaged in constructive discussions with its bank lenders in order to ensure it continues to comply with the terms of its prevailing bank facilities. The bank lenders have indicated that they currently remain fully supportive,” Carpetright warns shareholders. The retailer is “examining a range of options to accelerate the turnaround of the business and strengthen its balance sheet”. In January it slashed its profit forecast for the year after a sharp drop in trading after Christmas.

Source: The Times March 01, 2018 09:14 UTC