- Struggling flooring retailer Carpetright said it had agreed to be acquired by Meditor European Master Fund in a deal that valued the company at £15.2m.

Carpetright shareholders would be offered 5p for each share not already owned by Meditor European Master Fund, which was already a 29.9% beneficial owner of its shares, having previously purchased the lenders' interest in its revolving credit facility.

Chairman Bob Ivell said the company's board believed the offer was in the best interests of its stakeholders.

'While we have made significant progress with our recovery plan for the Carpetright group, our ability to invest in the future of the business has been constrained against the backdrop of limiting banking covenants and a very challenging consumer market,' Ivell said.

'With a recapitalised business and the backing of a committed new owner with the resources to invest in Carpetright for the long term, we will be able to complete our recovery in the private arena and emerge as a stronger business.'

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