US shareholder increases stake in Carpetright to almost a fifth
CARPETRIGHT investor Franklin Templeton Institutional has increased its stake in the troubled high street flooring specialist to almost 20 per cent.
The US investment manager has upped its stake in the business from 10.9m to 13.4m shares, giving it a 19.79 per cent holding in the company, according to a regulatory filing published yesterday.
The retailer saw shares fall 0.3 per cent last night to 505.5p, giving it a market value of around £343m.
Carpetright has issued three profit warnings in the past nine months as it grapples with a tough consumer market in the Netherlands and at home.
Founder Lord Harris handed over the reins to a new chief executive, Wilf Walsh, last month, whom it hoped would introduce a new strategy to help revive sales.