Steinhoff's Conforama unit secures 115 mln euros financing (updated)

SRP Groupe SA

24/01/2018 12:52

* Financing deal struck with Tikehau Capital 
    * Conforama is part of South African group Steinhoff 
    * Steinhoff under pressure after accounting woes 
 
 (Adds details) 
    By Dominique Vidalon 
    PARIS, Jan 24 (Reuters) - French furniture chain Conforama, 
which is a unit of troubled South African group Steinhoff 
 SNHJ.J , said it had reached agreement with Tikehau Capital 
 TKOO.PA  for a financing line of 115 million euros ($141.9 
million) over three years. 
    The deal comes two weeks after Conforama had agreed to sell 
a 17 percent stake in online fashion retailer Showroomprive.com 
 SRPG.PA  to French supermarket retailer Carrefour  CARR.PA  for 
79 million euros.  urn:newsml:reuters.com:*:nFWN1P60YH 
    "The Conforama group now has almost 200 million euros of  
additional liquidity, ensuring its long-term financial 
independence and stability," Conforama chief executive Alexandre 
Nodale said in a statement. 
    "This will allow the group to continue to carry out its 
multi-channel development projects in France and in each of the 
countries where it operates," he added. 
    Steinhoff, owner of more than 40 retail brands including 
Poundland in Britain, is trying to plug a liquidity gap after 
admitting "accounting irregularities" last month, which 
triggered an 85 percent share price slide for the group. 
 urn:newsml:reuters.com:*:nL8N1PH1JE  urn:newsml:reuters.com:*:nL8N1PI59P 
    Earlier this month, Steinhoff secured a 60 million euros 
lifeline for its European operations.  urn:newsml:reuters.com:*:nL8N1PD4GM 
    Conforama has 14,000 employees and 315 stores. The bulk of 
its stores are in France while it is also present in Spain, 
Switzerland, Portugal, Luxembourg, Italy, Croatia and Serbia. 
    ($1 = 0.8106 euros) 
 
 (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) 
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters 
Messaging: dominique.vidalon.reuters.com@reuters.net)) 
 
Keywords: STEINHOFF CONFORAMA/