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Carpetright secures interim funding with second shareholder loan

Carpetright has secured the funding it said it needed to survive before raising £60m from shareholders.

The chain’s largest shareholder Meditor, which owns 29.99% of the retailer, has loaned it £15m to be repaid on 31 July 2020. Carpetright is paying a £2.25m arrangement fee and 18% annual interest.

Carpetright borrowed £12.5m from Meditor in March, which is to be repaid on 31 August, at an interest rate of 3%.

It said that it still intended to begin raising funds from shareholders on or around 18 May.