Agreement reached with banks and major shareholders, increase like-for-like sales of 2.4% in Q2 2019
19 July 2019
- Liquidity issue has been addressed:
- Waivers agreed with banks on covenant testing of the existing covenants; new covenants will be in place as of 30 September 2019.
- Secured loan of € 7 million provided by three major shareholders.
- Anticipated completion of the, previously announced, full or partial exit of Matratzen Concord before the end of 2019. Already several parties have expressed serious interest.
- With these actions, Beter Bed Holding will be enabled to further grow and accelerate the good sales performance in its remaining markets.
- Over the second quarter of 2019, sales were almost stable at € 88.6 million. Like-for-like sales increased by 2.4% due to good sales increase at Beter Bed in the Benelux, Sweden and in DBC Wholesale, which compensated the decrease at Matratzen Concord.
Download the full press release:20190719 Agreement banks and major shareholders - Trading update Q2 2019 (0.70Mb)