Card Factory, which is a specialist retailer of greeting cards, dressings and gifts, has published an update on trading after the re-opening of non-essential retail in England and Wales and its liquidity position.

The statement said: “The company is pleased to report that its performance following the reopening of stores in England and Wales from 12 April 2021 has exceeded its expectations.

“We welcomed colleagues and customers back in our stores in Scotland from Monday 26 April, with stores opening in Northern Ireland today.”

It continued: “The company has agreed headline terms for refinancing of the group with its current syndicate of commercial lending banks and will issue a further update, over the coming weeks, once terms are documented.

The statement added: “Pending documentation of the revised facility terms, the banking syndicate has extended waivers in respect of anticipated covenant breaches to 31 May 2021, taking account of the company’s cash flow projections, subject to certain conditions.”

“A further update will be issued on the refinancing in due course.”