Shares jumped by 32.8% as the retailer announced improved terms with lenders.
Card Factory said it has made good progress in using its positive cash flows since stores reopened following the pandemic, to reduce overall debt. The retailer has agreed revised terms on reduced facilities of £150 million, down from £225 million.
The news enables Card Factory to move forward with plans to extend its offering from a card-led retailer to a omnichannel outlet of cards, party and gifts.
The company is set to release the preliminary results from the financial year ended 31 January, 2022 in May.
Darcy Wilson-Rymer, chief executive, commented: “I am pleased to be able to announce the successful completion of Card Factory’s refinancing today. This is an important milestone for our business, ensuring we have the financial foundations in place to capitalise on the opportunities ahead.
“We are now well positioned to continue our strategic transition from a store-led card retailer to a market leading omnichannel retailer of cards and gifts.”
