Press releases | Corporate and M&A, Finance |

Travers Smith advises Carpetright plc on its recommended cash acquisition by Meditor Group

Overview

Travers Smith LLP has advised longstanding client Carpetright plc on its recommended cash acquisition by Meditor Holdings Limited, a company owned by its largest shareholder, Meditor Group (Meditor).

Carpetright is listed on the Main Market of the London Stock Exchange and is Europe’s leading specialist retailer of floorcoverings and beds in the domestic home improvement market. The agreed terms of the recommended cash offer will see Meditor acquire the entire issued and to be issued share capital of Carpetright not already owned by Meditor.

The offer follows a 2018 financial restructuring including a company voluntary arrangement (that looked to rationalise Carpetright's leasehold obligations), amendments to its revolving credit facility and an equity fundraise. Travers Smith advised on all three of these elements.

Meditor has previously acquired 29.9% of Carpetright as well as having purchased the lenders' interest in its debt facilities. The acquisition will be implemented by means of a Scheme of Arrangement and remains subject to shareholder approval.

The team was led by Head of Corporate M&A and ECM Philip Cheveley with support from Senior Associate Ben Lowen and Associate Graeme Scotchmer. Specialist advice was provided by Finance Partner Andrew Gregson.

Philip Cheveley commented: "Having advised Carpetright for a number of years, we are pleased to use our strong understanding of its business and financing arrangements and our expertise in advising listed corporates in order to support the company as it takes this next step."

Simmons & Simmons is advising Meditor with Corporate advice led by Isabella Roberts and Finance and Restructuring advice led by Ross Miller.