// Card Factory completes refinancing with banking syndicate to support growth strategy
// The new bank facilities provide additional liquidity to the £200m it replaces
// The facilities include a £100m revolving credit facility
Card Factory has completed a £225 million refinancing with its current banking syndicate to support its growth strategy.
The new bank facilities provide additional liquidity to the £200 million it replaces, and is for the same term through to September 24, 2023.
The facilities include a £100 million revolving credit facility (RCF), £75 million term loan facility and £50 million through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Meanwhile, the gift and cards retailer found that sales in England and Wales following store reopenings topped both expectations and the performance after the previous two lockdowns.
Store revenue was “marginally” down compared with the same period in 2019.
Increased spend per transaction has offset lower footfall as customers are shopping less frequently but buying more.
The ‘Everyday Card’ and party ranges performed well, with a “clear early trend” of customers shopping more evenly during the week.
Online sales had dropped as Card Factory had anticipated, but still remain above pre-pandemic levels, with performance in line with management expectations.
“We welcome our colleagues and customers back into our stores, providing the quality ranges at competitive prices which our customers have missed whilst stores were closed,” Card Factory chief executive, Darcy Willson-Rymer said.
“The strong trading performance in our stores over the last few weeks reflects the extensive preparations to maximise meeting our customers’ needs completed by the wider Card Factory team.”