{{Short description|British retailer}} {{Use dmy dates|date=February 2020}} {{Use British English|date=December 2012}} {{Infobox company | name = CWHP Limited | logo = Carpetright logo.svg | former_name = {{Ubl | Hedgerows Limited (October{{endash}}Nov 1988) | Carpetwise (London) Limited (1988{{endash}}1989) | Carpetright of London Limited (1989{{endash}}1993) | Carpetright plc (1993{{endash}}2020)<ref name="CompaniesHouse">{{Cite web |date=1988-09-12 |title=CARPETRIGHT LIMITED overview |url=https://find-and-update.company-information.service.gov.uk/company/02294875 |access-date=2024-01-23 |website=Companies House |language=en |archive-date=23 January 2024 |archive-url=https://web.archive.org/web/20240123221516/https://find-and-update.company-information.service.gov.uk/company/02294875 |url-status=live }}</ref> |Carpetright Limited (2020{{endash}}2024) }} | type = Private | traded_as = | | industry = Retail | products = Carpets | net_income = | owner = Tapi Carpets | parent = | homepage = {{URL|https://carpet-right.co.uk}} }} thumb|New Carpetright Store (2018) [[File:Oxted 02.jpg|alt=|thumb|Carpetright in Oxted (2019)]] [[File:Carpetright in Croydon.jpg|alt=|thumb|Carpetright in Croydon (2018)]] '''Carpetright''' is a British retailer founded in 1988 by Lord Philip Harris.
Since July 2024, the retailer has been a division of Tapi Carpets which purchased the Carpetright brand, intellectual property, and some locations from administration proceedings for £3.7 million.<ref>{{Cite web |last=Hill |first=Eloise |date=2024-08-15 |title=Tapi Carpets paid £3.7m for Carpetright stock and store leases following collapse - Retail Gazette |url=https://www.retailgazette.co.uk/blog/2024/08/tapi-carpetright-leases/ |access-date=2024-11-23 |language=en-GB |archive-date=15 September 2024 |archive-url=https://web.archive.org/web/20240915042738/https://www.retailgazette.co.uk/blog/2024/08/tapi-carpetright-leases/ |url-status=live }}</ref>
==History== The company was established by Lord Philip Harris in 1988 when he opened its first shop in Canning Town.<ref name="history">[http://www.carpetright.plc.uk/pages/about_us/history/default.aspx Carpetright History] {{webarchive |url=https://web.archive.org/web/20080818213629/http://www.carpetright.plc.uk/pages/about_us/history/default.aspx |date=18 August 2008}}</ref> It was first listed on the London Stock Exchange in June 1993. In 1999, the company expanded through the acquisition of selected shops from Carpetland and Allied Carpets.<ref name="history"/> It acquired its first operations in Continental Europe in 2002, and in 2005 acquired May’s World of Carpets.<ref name="history"/> In 2007, it added the Storey Carpets business, a firm based in Sunderland, which had 54 stores at the time.<ref>{{cite web|url=https://news.bbc.co.uk/2/hi/uk_news/england/6614993.stm|title=Carpet firm to be sold for £20m|website=news.bbc.co.uk|date=2 May 2007|access-date=1 March 2022|archive-date=1 March 2022|archive-url=https://web.archive.org/web/20220301145115/http://news.bbc.co.uk/2/hi/uk_news/england/6614993.stm|url-status=live}}</ref><ref>{{cite web|url=https://netimesmagazine.co.uk/business/storey-carpets-owner-carpetright-agrees-meditor-takeover-bid/|title=Storey Carpets owner Carpetright agrees Meditor takeover bid|website=netimesmagazine.co.uk|date=15 November 2019|accessdate=1 March 2022|archive-date=1 March 2022|archive-url=https://web.archive.org/web/20220301145113/http://netimesmagazine.co.uk/business/storey-carpets-owner-carpetright-agrees-meditor-takeover-bid/|url-status=live}}</ref>
Cascade Investment, LLC, the investment vehicle of Bill Gates, acquired a 3% stake in the company in May 2008.<ref>{{cite news|last=Hawkes|first=Steve|title=Bill Gates piles into Carpetright with 3% stake| url=http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article4023237.ece|date=29 May 2008|archiveurl=https://web.archive.org/web/20110612064814/http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article4023237.ece|archivedate=12 June 2011|newspaper=The Times|location=London|accessdate=29 October 2016}}</ref> Carpetright expanded again with the purchase of Sleepright UK in 2008.<ref>{{cite web|url=https://www.growthbusiness.co.uk/deal-update/820712/carpetright-snaps-up-sleepright.thtml|title=Carpetright snaps up Sleepright|date=8 December 2008|access-date=30 April 2025|archive-date=14 February 2012|archive-url=https://web.archive.org/web/20120214012332/http://www.growthbusiness.co.uk/deal-update/820712/carpetright-snaps-up-sleepright.thtml|url-status=live}}</ref> However, in June 2011 it announced significant shop closure plans and that year posted its first loss since 1993.<ref>{{cite web|url=https://www.theguardian.com/business/2011/dec/13/carpetright-first-profits-drop|title=Carpetright reports first ever profits dip since floating in 1993|work=The Guardian|date=13 December 2011|accessdate=18 March 2017}}</ref>
It was reported on 21 March 2018 that Carpetright was struggling after issuing several profit warnings, and that it was looking at possible shop closures. On 12 April 2018, it was announced that Carpetright would close 92 stores, with a total loss of 300 jobs out of the total workforce of 2,700, as part of restructuring measures.<ref>{{cite web|url=https://www.theguardian.com/business/2018/apr/12/carpetright-to-close-92-outlets-shedding-hundreds-of-jobs|title=Carpetright to close 92 outlets, shedding hundreds of jobs|website=theguardian.com|date=12 April 2018|accessdate=19 November 2020}}</ref><ref>{{cite web|url=https://news.sky.com/story/carpetright-to-axe-300-jobs-and-close-92-stores-11327122|title=Carpetright to axe 300 jobs and close 92 stores in fight for survival|website=news.sky.com|date=12 April 2018|accessdate=19 November 2020}}</ref>
In May 2018, Carpetright secured a £15 million loan to provide short-term working capital.<ref>{{Cite news|url=https://www.telegraph.co.uk/business/2018/05/11/carpetright-secures-15m-emergency-funding/|title=Carpetright secures £15m emergency funding|last=Woods|first=Ben|date=11 May 2018|work=The Telegraph|access-date=14 May 2018|language=en-GB|issn=0307-1235|archive-date=12 May 2018|archive-url=https://web.archive.org/web/20180512235700/https://www.telegraph.co.uk/business/2018/05/11/carpetright-secures-15m-emergency-funding/|url-status=live}}</ref> In November 2019, Carpetright announced that its largest shareholder, Meditor, had agreed to purchase the company.<ref>{{Cite web|url=https://www.retailgazette.co.uk/blog/2019/11/carpetright-taken-meditor/|title=Carpetright to be taken over by Meditor|last=Szajna-Hopgood|first=Ava|date=15 November 2019|website=Retail Gazette|language=en-GB|access-date=18 November 2019|archive-date=8 December 2019|archive-url=https://web.archive.org/web/20191208045339/https://www.retailgazette.co.uk/blog/2019/11/carpetright-taken-meditor/|url-status=live}}</ref> A bid of £15.2 million was accepted by the company, amid fears it could not pay off its debt.<ref>{{Cite web|url=https://www.cityam.com/carpetright-accepts-cut-price-15m-rescue-deal-from-meditor/|title=Carpetright accepts cut-price £15m rescue deal from Meditor|date=15 November 2019|website=CityAM|language=en-GB|access-date=5 December 2019|archive-date=5 December 2019|archive-url=https://web.archive.org/web/20191205165132/https://www.cityam.com/carpetright-accepts-cut-price-15m-rescue-deal-from-meditor/|url-status=live}}</ref> Carpetright have estimated that the company would need around £80 million to get out of its debt problems. The company’s gross debt was evaluated at £56 million.<ref name=":0">{{Cite web|url=https://www.eveningexpress.co.uk/news/business/meditor-scores-win-as-shareholder-backs-its-bid-for-carpetright/|title=Meditor scores win as shareholder backs its bid for Carpetright|date=6 November 2019|website=Evening Express|language=en-US|url-status=live|archive-url=https://web.archive.org/web/20191205165134/https://www.eveningexpress.co.uk/news/business/meditor-scores-win-as-shareholder-backs-its-bid-for-carpetright/ |archive-date=5 December 2019 |access-date=5 December 2019}}</ref> According to Carpetright, the rescue deal will help the company complete a turnaround plan in the “very challenging consumer market”.<ref>{{Cite news|url=https://www.theguardian.com/business/2019/nov/15/carpetright-agrees-15m-sale-to-main-investor-meditor|title=Carpetright agrees £15m sale to main investor Meditor|last=Butler|first=Sarah|date=15 November 2019|work=The Guardian|access-date=5 December 2019|language=en-GB|issn=0261-3077}}</ref> The hedge fund that will acquire the retailer is headed by Talal Shakerchi, the former professional poker player and the former fund manager for Old Mutual.<ref>{{Cite web|url=https://www.gamblingnews.com/news/carpetright-purchased-by-poker-players-hedge-fund/|title=Carpetright Purchased by Poker Player's Hedge Fund|last=Price|first=Rachael|date=18 November 2019|website=Gambling News|url-status=live|archive-url=https://web.archive.org/web/20191205165225/https://www.gamblingnews.com/news/carpetright-purchased-by-poker-players-hedge-fund/ |archive-date=5 December 2019 |access-date=5 December 2019}}</ref> Investec Asset Management backed the bid made by Meditor with more than 11.3 million shares.<ref name=":0" /> Carpetright announced the departure of chairman Bob Ivell in January 2020, as the store returned to private ownership after more than 26 years. Several non-executive directors stood down from the board because of the takeover.<ref>{{Cite web|title=Carpetright goes private amid boardroom exodus|url=https://www.retailgazette.co.uk/blog/2020/01/carpetright-goes-private-amid-boardroom-exodus/|last=Nazir|first=Sahar|date=24 January 2020|website=Retail Gazette|access-date=1 June 2020|archive-date=2 July 2022|archive-url=https://web.archive.org/web/20220702145012/https://www.retailgazette.co.uk/blog/2020/01/carpetright-goes-private-amid-boardroom-exodus/|url-status=live}}</ref>
=== Sale to Tapi Carpets === In July 2024, Carpetright announced it had put itself up for sale, appointing PwC to launch a formal sale process.<ref>{{Cite web |last=Fish |first=Isabella |date=2024-07-12 |title=Carpetright is put up for sale |url=https://www.thetimes.com/business-money/companies/article/carpetright-goes-up-for-sale-w7jl2kdv2 |access-date=2024-07-12 |website=The Times |language=en |archive-date=12 July 2024 |archive-url=https://web.archive.org/web/20240712002728/https://www.thetimes.com/business-money/companies/article/carpetright-goes-up-for-sale-w7jl2kdv2 |url-status=live }}</ref> The firm was purchased in the same month by Tapi Carpets, in a pre-packaged insolvency deal, a transaction that is often associated with the new company shedding its commitments to staff and creditors.<ref>{{cite news |last1=Masud |first1=Faarea |last2=Labiak |first2=Mitch |title=Carpetright close to collapse with 1,800 jobs at risk |url=https://www.bbc.co.uk/news/articles/ckkgl3zz1v6o |access-date=15 July 2024 |work=BBC News |date=12 July 2024 |archive-date=15 July 2024 |archive-url=https://web.archive.org/web/20240715083703/https://www.bbc.co.uk/news/articles/ckkgl3zz1v6o |url-status=live }}</ref><ref>{{Citation |last=THE HONOURABLE MR. JUSTICE KITCHIN |title=Re Halliwells Llp & Ors (Rev 1) [2010] EWHC 2036 (Ch) |date=30 July 2010 |url=https://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWHC/Ch/2010/2036.html&query=halliwells+and+LLP&method=boolean |access-date=2024-07-22 |archive-date=23 September 2015 |archive-url=https://web.archive.org/web/20150923181828/https://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWHC/Ch/2010/2036.html&query=halliwells+and+LLP&method=boolean |url-status=live }}</ref><ref>{{Cite web |last=Fish |first=Isabella |date=2024-07-22 |title=Carpetright rescue deal to save 300 jobs |url=https://www.thetimes.com/business-money/companies/article/carpetright-rescue-deal-to-save-300-jobs-zdhx9js7v |access-date=2024-07-22 |website=www.thetimes.com |language=en |archive-date=22 July 2024 |archive-url=https://web.archive.org/web/20240722131732/https://www.thetimes.com/business-money/companies/article/carpetright-rescue-deal-to-save-300-jobs-zdhx9js7v |url-status=live }}</ref>
As part of the acquisition, Tapi Carpets would acquire 54 stores, along with 300 jobs and 2 warehouses. The business outside the UK and Ireland (which would be kept by Nestware Holdings), 218 stores and the company's headquarters in Purfleet would not be part of the deal, affecting more than 1,000 jobs.<ref>{{Cite web |last=Morgan |first=Aoife |date=2024-07-22 |title=Carpetright rival Tapi to snap up chain in pre-pack deal today - Retail Gazette |url=https://www.retailgazette.co.uk/blog/2024/07/carpetright-tapi-pre-pack/ |access-date=2024-07-22 |language=en-GB |archive-date=22 July 2024 |archive-url=https://web.archive.org/web/20240722190043/https://www.retailgazette.co.uk/blog/2024/07/carpetright-tapi-pre-pack/ |url-status=live }}</ref><ref>{{Cite web |date=2024-07-22 |title=Tapi acquires (quarter of) Carpetright, fate of stores abroad unsure |url=https://www.retaildetail.eu/news/home/tapi-acquires-quarter-of-carpetright-fate-of-stores-abroad-unsure/ |access-date=2024-07-22 |website=RetailDetail EU |language=en-US |archive-date=22 July 2024 |archive-url=https://web.archive.org/web/20240722190044/https://www.retaildetail.eu/news/home/tapi-acquires-quarter-of-carpetright-fate-of-stores-abroad-unsure/ |url-status=live }}</ref>
==Operations== As of 2019, the company had more than 470 shops.<ref name="RetailSites">{{cite web|title=Retail Sites|url=http://www.carpetright.plc.uk/retail-sites/|accessdate=14 May 2018|archive-date=19 October 2019|archive-url=https://web.archive.org/web/20191019195923/http://www.carpetright.plc.uk/retail-sites/|url-status=live}}</ref> It has expanded into Belgium,<ref name="RetailSites" /> the Netherlands,<ref name="RetailSites" /> and the Republic of Ireland.<ref name="RetailSites" /> It sells a wide variety of beds, mattresses, carpets, laminate flooring, vinyl flooring and rugs.<ref>{{cite web|url=http://walbrockresearch.com/will-carpetrights-shares-fly-again/|title=Will Carpetright's shares fly again?|publisher=Walbrock Research|accessdate=18 March 2018|archive-url=https://web.archive.org/web/20180319214427/https://walbrockresearch.com/will-carpetrights-shares-fly-again/|archive-date=19 March 2018|url-status=dead}}</ref> On 14 October 2025, Carpetright was declared bankrupt in The Netherlands.
==Marketing== It was announced in March 2020 that Carpetright would become the new main shirt sponsor for Exeter City F.C. from the start of the 2020/21 season.<ref>{{cite web |last1=Cooper |first1=Joel |title=Exeter City Football Club announces new sponsor |url=https://www.devonlive.com/news/devon-news/exeter-city-football-club-announces-3963819 |website=Devon Live |accessdate=28 June 2020 |date=19 March 2020 |archive-date=4 August 2020 |archive-url=https://web.archive.org/web/20200804092357/https://www.devonlive.com/news/devon-news/exeter-city-football-club-announces-3963819 |url-status=live }}</ref>
==References== {{reflist}}
==External links== * [https://www.carpetright.co.uk/ Consumer site]
{{Authority control}}
Category:1988 establishments in the United Kingdom Category:2024 mergers and acquisitions Category:Carpet retailers of the United Kingdom Category:Companies based in Essex Category:Companies formerly listed on the London Stock Exchange Category:Companies that have entered administration in the United Kingdom Category:Purfleet Category:Retail companies established in 1988 Category:Retail companies of the United Kingdom