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Refinancing is first step, says Mothercare chairman

We cannot be complacent as refinancing the business is just the first step of building a solid foundation for the future of the Mothercare brand,” said interim executive chairman Clive Whiley as he confirmed the company has completed the refinancing of the group.

Existing shareholders raised almost 78% of its anticipated £32.5m to invest in digital and mobile and the rest will be taken up following the placing, after shareholders passed the motion on 26 July.

Whiley, who was appointed as interim executive chairman when non-executive chairman Alan Parker retired in April, said: “Earlier this year Mothercare faced a bleak future with growing financial stress upon the business and in May, we announced a series of measures to refinance and restructure the business.

“With the support of all of our stakeholders we have today completed the refinancing of the group. This could not have occurred without their commitment to our business and its future. The Mothercare team are grateful for their forbearance throughout this period, and we recognise their contributions to our transformed financial position today.”

Whiley underlined that there is still much to do in the UK and overseas, he said the firm needs to adapt with pace as conditions in the retail sector remain challenging.

“The whole team is focused on getting Mothercare, the global brand, back to where it should be as a fit for purpose business with a stronger, stable and more efficient structure both here in the UK and within our International operations,” he added.

 

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