6th May 2020 10:32
(Alliance News) - Card Factory PLC on Wednesday said it has access to sufficient liquidity, even in the event of prolonged store closures.
The chain of greeting card and gift shops said cash management has been a key area of focus, whilst it has looked to protect the longer-term prospects of the business and its stakeholders.
Card Factory said it has in place an existing GBP200 million revolving credit facility, maturing in October 2023.
In addition, the company said it has now received confirmation from the Bank of England that it has access to additional funding under the Covid corporate financing facility.
Looking ahead, Card Factory said it continues to focus on reducing operating expenses and managing its cash flows.
Turning to operations, the company said the cardfactory.co.uk website sales have more than tripled since the lockdown with gettingpersonal.co.uk sales growth at 58%.
Alongside the online activity, the company said it continued to supply both Aldi and its Australian partner, The Reject Shop, with card ranges.
In response to this increased demand, and to support social distancing, Card Factory said it has established a second fulfilment unit in Wakefield.
The company's stores remain closed.
Card Factory shares were trading 3.0% higher in London on Wednesday at 39.46 pence each.
By Evelina Grecenko; [email protected]
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