Card Factory applies for Bank of England funding after 90 per cent of staff furloughed

Greetings card retailer Card Factory has furloughed over 90 per cent of its staff and has successfully applied for additional funding under the Bank of England's Covid Corporate Financing Facility.
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The Wakefield-based firm said cash management is a key area of focus during these uncertain times, whilst it protects the longer-term prospects of the business.

The firm has in place an existing £200m Revolving Credit Facility, maturing in October 2023, with its commercial banks. The firm said its banks have remained supportive.

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Ikea will remain closed despite rumours of stores planning to reopen this monthThe group reported a significant reduction in non-essential capex, including deferral of replacement equipment at its manufacturing plant, with investment in a small number of key projects

The Wakefield-based firm said cash management is a key area of focus during these uncertain times, whilst it protects the longer-term prospects of the business.The Wakefield-based firm said cash management is a key area of focus during these uncertain times, whilst it protects the longer-term prospects of the business.
The Wakefield-based firm said cash management is a key area of focus during these uncertain times, whilst it protects the longer-term prospects of the business.

that support the group's long term strategic objectives.

New store openings have been reduced to seven in the current financial year, which it is legally committed to opening.

It has renegotiated rental payments and is having ongoing discussions with landlords to reduce net cash outflow.

The board has decided not to pay a final dividend in order to protect the business and its balance sheet at this uncertain time.

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Following all the actions taken, the board said it is confident the group has access to sufficient liquidity, even in the event of a prolonged store closure period.

New Co-op plans for South Kirkby supermarket are 'stupid', objectors sayWith appropriate safety measures and controls in place, it has continued to trade both of its online businesses. While online is a small part of the group, the firm reported significant growth in visitors, conversion and sales.

The Cardfactory.co.uk web site has delivered sales growth of 268 per cent since the lock-down with Gettingpersonal.co.uk at 58 per cent. In response to this increased demand, and to support social distancing, the firm has established a second fulfilment unit in Wakefield.

As all of its stores are closed, as per Government guidance, all store colleagues have been furloughed under the Government's Coronavirus Job Retention Scheme. Where required, Support Centre colleagues are working from home.

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In preparation for re-opening, it is currently working on changes to store operations that will help ensure colleague and customer safety. It expects to be able to facilitate appropriate social distancing in the majority of its stores.