Tapi Carpets now trades from nearly 100 stores
Floorcoverings retailer Tapi Carpets & Floors has taken total shareholder funding since its 2015 launch to about £35 million after a new equity funding exercise this summer.

The retailer — founded by Martin Harris, former Carpetright director and son of Lord Harris, its founder — has raised close to £10 million after offering new shares to current shareholders.

Investors subscribed for about 95 percent of 6.1 million newly created shares in the retailer, which were offered to existing shareholders on the basis of 25 ordinary shares for every 100 ordinary shares held.

Tapi shareholders have included employees, management, external stakeholders with a direct interest in the retailer's success, such as property agents, as well outside investors such as Lord Kirkham.

After founder Martin Harris, the DFS founder was the largest individual shareholder in Tapi Carpets with a stake north of 10 percent at the time of the last publicly disclosed share roster. Dunelm's Will Adderley was another notable shareholder.

Tapi has grown into a 98-store network* of UK flooring shops in short order since it was launched in 2015. It made an £8.6 million loss on revenue of £30.3 million in 2016, its first full year of trading. 2017 accounts are due this autumn.