Card Factory shares rally after trading and liquidity update By Investing.com

By Samuel Indyk

Investing.com – Shares in Card Factory (LON:CARDC) jumped over 6% in early trade on Friday after the company provided a trading update following the reopening of non-essential retail in the UK.

The greetings card retailer said trading has exceeded expectations since the reopening of stores in England and Wales on 12th April. Stores in Scotland reopened earlier this week and stores in Northern Ireland will resume trading from today.

Liquidity Update

The company also announced it has reached a refinancing deal with its current syndicate of commercial lending banks and will provide a further update over the coming weeks.

Back in January, during the heart of the UK’s nationwide lockdown, the company announced that it anticipated banking covenants would be breached at the end of the month, however, the company’s banking syndicate provided waivers in respect of the anticipated covenant breaches.

The waivers have now been extended until 31st May 2021, pending documentation of the revised facility terms.

At 10:50BST, shares in Card Factory were trading higher by 6.4% at 83.50 pence per share.