Matalan CEO exits with Executive Chair set to lead continued turnaround

Matalan has today announced that Chief Executive Officer Henrik Nordvall will leave the business by mutual agreement with the board.

The value fashion and homeware retailer has also confirmed the appointment of Karl-Heinz Holland as Executive Chair on a permanent basis, having served as Chair since 2023 following a distinguished career in the retail and consumer goods sector, which included leading Lidl and Takko Fashion.

His appointment as Executive Chair takes effect immediately and enables Matalan to build on the momentum it has established while maintaining continuity.

Holland said: “Henrik has made a significant contribution during his time with Matalan, helping to shape the next phase of the business while delivering strong results in both revenue and EBITDA.

“Together with Matalan’s executive team and colleagues across the business, I look forward to building on the progress we have made over the past year.

“We have a clear strategy, strong momentum and a significant opportunity ahead of us. Our focus remains on delivering better everyday style, quality and value for our customers as we continue to build a stronger business for the long term.”

As set out in Matalan’s full year 2026 results announced in June, Matalan has continued to deliver against its strategic priorities, reporting adjusted EBITDA growth of 24% to £69 million in FY26.

The business has built on that progress into FY27, with first-quarter revenue growth, further market share gains in both volume and value, and adjusted EBITDA growth of 45% to £14.9 million, underpinned by the company’s ongoing focus on delivering its strategy.

In June, Matalan announced it had secured extensions to its existing debt facilities until mid-2029 from its anchor investor group, including Invesco, Tresidor, Man Group and Napier Park, giving the business more time to deliver its turnaround plan.