26 February 2021

Card Factory plc

("Card Factory" or the "Company")

Liquidity update

Card Factory, the UK's leading specialist retailer of greeting cards, dressings and gifts, today issues an update regarding its liquidity. 

The Company welcomes the roadmaps to reopening non-essential retail by the UK and devolved governments and looks forward to welcoming our colleagues and customers back into our stores as soon as possible, once restrictions are lifted.

Further to our announcements on 14 and 29 January 2021, we are pleased to confirm that we continue to engage in constructive discussions with our banking syndicate, who remain supportive of the Company. The banks have provided further waivers in respect of anticipated covenant breaches through until 31 March 2021, taking account of the Company's cash flow projections, subject to certain conditions. We are engaged on a plan to refinance the Company, and will provide a further update in due course.  Coupled with the expected reopening of the vast majority of the store estate during April, the Board is confident the business is well placed to deliver for the benefit of all stakeholders. 

Enquiries

Card Factory plc                                                            via Tulchan Communications (below)

Paul Moody, Executive Chairman

Kris Lee, Chief Financial Officer

Tulchan Communications                                            +44 (0) 207 353 4200

James Macey White / Elizabeth Snow                             cardfactory@tulchangroup.com