Mothercare has confirmed that it has moved from the London Stock Exchange to AIM in the final phase of restructuring and refinancing.
Following the closure of Mothercare’s 79 UK stores in January 2020, the retailer has moved from the London Stock Exchange to the AIM. The firm says the move marks the conclusion of the final phase of the refinancing and restructuring of Mothercare.
The closure of the bricks and mortar stores was followed by a deal with Boots to sell products on behalf of Mothercare, and maintain the brand in the UK.
Since then the company has been working to transform its business model to become an international franchise operation.
Chris Whiley, chairman of Mothercare, commented: “Our resilient performance through the pandemic bears out the robustness of the Mothercare business today. We are not immune to the impact of the pandemic on our Franchise Partners’ operations around the world, but we arrive on AIM today in good shape, with the next step down in our leverage position to be completed shortly with the CULS conversion of the £19m shareholder loans into ordinary shares.”
Whiley goes on to explain that the business is going forward as a ‘conservatively financed, cash generative and profitable business for the the first time in many years’.
When Mothercare was admitted to AIM, there were 374,192,494 Ordinary Shares in issue, and it’s expected that another 189,644,132 will be admitted.
