Matalan founder set to lose control of retailer
Matalan founder John Hargreaves is set to lose control of the fashion and homewares retailer.
According to a report by This is Money, Invesco, Man GLG, Napier Park and Tresidor are likely to take control of the business as early as today. The firms have agreed to reduce the company’s debt by £250 million and inject funds of up to £100 million as part of a debt for equity swap.
The news follows Hargreaves stepping down as chairman last year and his efforts to maintain control of the business.
According to The Times, the deal will preserve the jobs of 11,000 employees. Discussions are said to be ongoing between the lenders and Matalan interim chief executive Nigel Oddy on whether he will continue to run the business.
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