Flooring retailer Carpetright CFO to step down amid restructuring

Neil Page to retire after more than a decade in the role

Carpetright is implementing a survival plan after negotiations with creditors in the past year. Photograph: Jason Alden/Bloomberg

Carpetright is implementing a survival plan after negotiations with creditors in the past year. Photograph: Jason Alden/Bloomberg

 

Struggling UK flooring retailer Carpetright said on Tuesday its chief financial officer Neil Page would retire this month after more than a decade in the role.

The company, which is implementing a survival plan after negotiations with creditors in the past year, said Jeremy Simpson would replace Mr Page on February25th.

Mr Simpson is joining Carpetright from asset and energy support services group Sureserve Group, formerly called Lakehouse, where he was the finance chief.

Carpetright had raised £65 million (€74.2 million) through a share issue in June last year after creditors and shareholders backed a restructuring plan to close stores and cut jobs.

Close shop

Many British retailers have either gone out of business or announced plans to close shops, struggling with subdued consumer spending, rising labour costs, higher taxes and growing online competition.

The company said on Tuesday it was on course to achieve the annual cash savings target of £19 million announced as part of the recapitalisation in May last year.

– Reuters