Matalan interim Chairman exits upon sale completion

Matalan interim Chairman Tim Isaacs has departed the business, following the acquisition of the fashion retailer earlier this month.

According to data from Companies House, Isaacs stepped down on 26 January 2023. His successor has not yet been announced.

Isaacs was appointed as interim Chairman in September 2022, after John Hargreaves stepped down to participate in Matalan's sales process as a bidder. Isaacs was brought in to oversee the business during the sale process and now leaves the upon the completion Matalan's acquisition.

Hargreaves, joined by Elliott Advisors, lost out in Matalan's sale process after the business was acquired by a group of investors including Invesco, Man GLG, Tresidor and Napier Park.

The retailer had been looking for a £350 million credit bail out. The deal reached includes a “significant reduction” in gross debt from £593 million to £336 million.

At the time, a spokesperson for the Hargreaves Family Private Office said that Hargreaves was “disappointed” at the decision.

The statement also said: "The Hargreaves family and Elliott bid would have left Matalan with less than £200 million of debt and ultimately ensured it was best positioned for long-term success.

"John Hargreaves does not believe that the deal announced today with the first lien investors is an optimal outcome for Matalan and its key stakeholders."