Market report: Poker player ready to go all in with bid for ailing Carpetright

When you’re turning to a poker player to ensure your future, you know things are getting tough.

Debt-laden Carpetright today said its largest shareholder, Meditor, is eyeing a cut-price £15.2 million bid for the perennial retail struggler.

Meditor is run by poker star and former Old Mutual fund manager Talal Shakerchi and has a just-under-30% stake in the flooring retailer.

The investor is weighing a 5p-a-share bid, a discount on last night’s 9.12p closing price, which valued the business at £27.6 million.

The chain admitted it’s in dire need of £80 million to repay debt facilities, meet working capital requirements and provide capital to execute its strategy.

Carpetright, which has around 330 UK stores, said investors who hold 24% of the shares (and 34.3% of the voting right) are minded to accept a takeover, leaving Meditor close to clinching a deal if it lodges a bid by the November 28 deadline.

It is the latest chapter in the troubled recent history of the retailer, which has been battling the weight of Brexit on consumer spending and a challenge from Tapi, the chain launched by the son of Carpetright’s founder Lord Harris. The shares hit 4.74p, down 4.38p.

The FTSE 100 failed to follow Wall Street and Asian markets higher despite last night’s decision from the US Federal Reserve to cut American interest rates. The blue-chip index fell 51.19 points to 5279.15.

Extinction Rebellion swept through the capital this month and the green message appeared to have made its mark on one of the city’s biggest developers.

The FTSE 250 property firm Derwent London said it has agreed a five-year £450 million loan from HSBC, Barclays and NatWest. Of that, £300 million will be a “green tranche”, with Derwent London pledging to use it on climate-friendly buildings.

That could see it avoiding putting gas boilers into offices and only using renewable-sourced energy in them. Shares in Derwent gained 34p to 3598p.

The City liked Classic Rock publisher Future’s £140 million deal last night to buy Country Life owner TI Media. The stock jumped 179p to 1539p.

Investors checked into Park Plaza hotels owner PPHE, as it defied jitters in the market to post a 4.3% rise in revenue per room to £116.3 million in the three months to September 30.

It has readied a £300 million warchest for new developments including hotels in Hoxton and New York’s Hudson Yards. The shares rose 40p to 1880p.