Liquidity Update

RNS Announcement

RNS Number : 2862N

Card Factory PLC

29 January 2021

Card Factory plc

("Card Factory" or the "Company")

Liquidity update

Card Factory, the UK's leading specialist retailer of greeting cards, dressings and gifts, today issues an update regarding its liquidity.

We reported on 14 January 2021 that, as a result of recent and current lockdowns, we anticipated that our banking covenants would be breached at the end of January. We also noted that we were in constructive discussions with our banking syndicate.

We are pleased to announce that our banking syndicate has provided waivers in respect of anticipated covenant breaches through until 28 February 2021 taking account of the Company's cash flow projections, subject to certain conditions. We remain in constructive discussions with our banks, and have agreed a process to continue to explore a range of potential solutions, with scope for further extensions to the waivers as this process continues.

A further update will be provided in due course.

Enquiries

Card Factory plc via Tulchan Communications (below)

Paul Moody, Executive Chairman

Kris Lee, Chief Financial Officer

Tulchan Communications +44 (0) 207 353 4200

James Macey White / Elizabeth Snow [email protected]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCDKFBBKBKBBDB

RNS metadata

Title: Liquidity Update
Time: 07:00:01
Date: 29 Jan 2021
Category: Miscellaneous
ID: 2862N