The flooring group posted its first organic revenue growth since 2022 and secured over 90% noteholder backing for a refinancing that will cut liabilities by at least £300 million.

The flooring group said it has no credit exposure to Headlam, which has announced plans to appoint administrators, and confirmed bond refinancing remains on track for the fourth quarter.

The flooring group swung to a £326.3m statutory net loss in the year to 28 March as weak end-markets and refinancing costs bit, though it guided to at least £115m EBITDA in FY2027 on the back of an encouraging start to the new year.

"We are delighted to receive overwhelming support so quickly for the transaction from the 2028 bondholders, which secures a route to implementation," said Geoff Wilding, Executive Chairman.

The flooring group will use proceeds from its Belgian distribution centre disposal to help fund the relocation of Balta Rugs production to Turkey.

The international flooring group has secured a transaction support agreement with Koch and holders of roughly two-thirds of its €166.6 million senior secured notes to restructure its near-term debt.

"Our priority is execution: delivering the self-help initiatives we have set out, generating cash, reducing leverage and rebuilding value for shareholders," commented executive chair Geoff Wilding.