Matalan secures debt extensions to 2029 amid continued turnaround
Matalan has secured extensions to its debt facilities in continued backing from anchor investors.
Invesco, Tresidor, Man Group and Napier Park have all agreed to extend the maturity dates of the company’s existing debt facilities in a move which it said underlines their “continued confidence in Matalan and its long-term transformation strategy”.
Subscribe to TRBThe extensions include notes that were due in December 2027 and January 2028, which will now be due in April 2029.
Earlier this month, Matalan announced that it had narrowed its pre-tax loss in the year to 28 February to £55 million from £67 million in the previous 12 months. It also grew its adjusted pre IFRS 16 EBITDA by 24% year-on-year to £69 million following higher sales volumes and improved margin rates.
Matalan is currently investing in new retail stores, unified commerce, supply chain improvements and technology upgrades.
Dave Williams, chief financial officer at Matalan, said: “The continued support of our anchor investors reflects their confidence in Matalan and our strategy.
“The extension to our debt facilities provides us with further flexibility to continue to invest as we drive sustainable profitable growth and build on the positive momentum we have created.”
