British floor covering retailer Carpetright plans to close down some of its Irish stores after seeing a 5.5% drop in sales here over the past year.

Shares in British flooring retailer Carpetright jumped up to 10% on the back of the company suggesting its restructuring plan, which will see more than 90 stores close and 300 jobs cut, is beginning to yield positive results.

Carpetright has fallen deeper into the red after a year in which its UK market remained “highly competitive and deal-driven”.

Coral bookmakers are to extend their long-running sponsorship of the Coral-Eclipse Stakes up to 2012.

Bookmakers Coral have agreed a three-year deal with Ayr racecourse to sponsor the Scottish Grand National.