31st Jul 2026 20:11
(Alliance News) - Headlam Group PLC on Friday said it was making progress regarding a refinancing package as it reported an increase in revenue in June.
The Coleshill, England-based floor coverings distributor said it continues to work "at pace" to review options that will improve its financial position.
To that end, Headlam said the refinancing process for the group's debt package has progressed with financing offers received that would, if completed on the terms currently proposed, advance additional liquidity.
In response, shares in Headlam surged 24% to 6.98 pence each in London on Friday.
With a strengthened balance sheet, Headlam believes it would be able to alleviate the current liquidity issues that are negatively impacting its ability to trade effectively and to fund and allow time to execute the strategic options plan with the aim of returning Headlam to a profitable and cash generative business as quickly as possible.
It continues to progress a review of its options which include further support from its existing lenders, further property disposals, a wider group refinancing, new partnerships and other broader corporate actions.
Specifically, retaining the Coleshill HQ property as one of the company's key freehold properties has been determined as part of the strategic options plan, and therefore a sale and leaseback of this asset is no longer being pursued.
Headlam said trading "continues to be challenging", but revenue in July so far is up 3.5% from June.
By Jeremy Cutler, Alliance News reporter
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