April 23, 2018 / 9:49 AM / a month ago

Carpetright's largest shareholder Meditor ups stake in company

April 23 (Reuters) - Carpetright’s biggest investor Meditor Capital Management almost doubled its stake in the struggling British flooring retailer, a filing showed, weeks after it revealed a restructuring plan involving store closures and job losses.

Carpetright said it would seek creditor approval for a restructuring plan to close 92 stores and reduce rents at 113 of its sites, resulting in about 300 job losses.

Hedge fund Meditor raised its stake in the flooring retailer to 29.99 percent, from an earlier holding of 16.47 percent, a regulatory filing on Monday showed. Meditor had earlier bumped up its stake from 12.29 percent.

Meditor could not immediately be reached for comment. (Reporting by Noor Zainab Hussain in Bengaluru and Maiya Keidan in London; editing by Simon Jessop)

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