Mon, 23 Mar 2020 | BUSINESS NEWS
Gift card retailer Card Factory has said it will begin selectively closing stores on a temporary basis after seeing a “very material drop” in footfall due to the coronavirus pandemic.
The Wakefield-headquartered retailer said it had seen a “satisfactory start to the financial year”, with average basket value growth helping to offset a decline in high street footfall and its online offering performing well.
However, this has been hit by the COVID-19 outbreak and the retailer announced it would close selected stores to protect staff and customers.
The company will also take mitigating steps to manage its cost base and cash flow. These measures include reduction in non-essential capital expenditure and the deferral of replacement equipment at its manufacturing plant. Its new store openings will also be restricted to those it is legally obliged to complete.
The retailer said that it would see a monthly cash saving of £2 million from the government’s reduction in business rates and that short term cash flow would be boosted by the deferral of all HMRC payments to the end of June 2020.
Card Factory has also said it will not declare a final ordinary divided for the year ending January 31 2020. For the year ending January 31 2019, the group saw revenue of £419.7 million and posted statutory profit before tax of £66.6 million and had total current assets of £92.5 million.
The company said: "We remain confident that the long-term demand for cards and gifting remains robust, with people wanting to share sentiment around special occasions. Management remains focused on the delivery of its strategic business improvement initiatives which will ensure that Card Factory is best placed to meet this demand."
The company is a retailer of used cars, operating a popular e-commerce website that attracts customers nationwide. The business sells high-quality used vehicles, offering a comprehensive range of popular makes and models, and all its vehicles are ful...
LEASEHOLD
Established business with nationwide reputation. A client base offering extensive market-leading product range from well-fitted industrial warehouse, as well as office premises in convenient commercial location.
FREEHOLD
Very established craft bakery with impressive reputation and regular customer base offering wide range of premium quality products.
LEASEHOLD
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
29
|
Apr
|
Card Factory poised for a sell off | BUSINESS SALE
Discount card retailer Card Factory is being prepared for a ...
09
|
Apr
|
Card Factory sold to Charterhouse | BUSINESS SALE
Following reports that it called in administrators KPMG back...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.