Matalan lenders prepare to take control of the business
25th October 2022 |
Matalan’s lenders are preparing to take control of the discount retail chain after the deadline for rescue bids passed last Friday.
The founding family of Matalan put the business up for sale in September. Although it reported profits of £100m last year, the discount retailer has £350m of secured debt that is due to be paid by the end of January 2023.
According to The Telegraph, the firm’s bondholders now effectively control the business, after failed attempts at a sell off.
The lending arm of Invesco is among a trio of senior bondholders that will decide the fate of Matalan.
Matalan founder John Hargreaves is believed to be seeking to take back control of the business.