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Mothercare appoints KPMG for restructuring

Mothercare has reportedly hired KPMG to advise on restructuring the business, amid continuing tough trading on the high street.

The mother and baby retailer has drafted in the advisory firm, City AM reports, as it seeks to raise money for its ongoing turnaround plan.

It said in a statement: “Further to the announcement on 2 March 2018, Mothercare plc confirms that the discussions with its lenders on the terms of its existing financial facilities are progressing constructively.

“As previously indicated, we are also exploring additional sources of financing to support and maintain the momentum of our transformation programme, and we are engaged in preliminary discussions on securing such additional financing.”

Earlier this month Mothercare said it was in talks with its financing partners, as it predicts it will need “waivers of certain financial covenants” to support its transformation.

At the time the retailer, which issued a profit warning in January, said trading “has remained broadly in line with the board’s expectations”, but highlighted the “challenging” trading environment.

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Readers' comments (1)

  • Time to stop being an importer and train as a restructuring specialist. It's where the money and they ALWAYS get paid first. #unlikethecreditors

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