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Matalan lenders close in on takeover deal

Tom Shearsmith
03 January 2023

Invesco and Tresidor Investment Management, as well as Man GLG, part of FTSE 250 investment firm Man Group, are closing in on finalising a deal to acquire Matalan.

According to Sky News, the senior lenders could strike a deal within the next fortnight. Under a proposal submitted by the syndicate, the funds would inject almost £100 million of new funding into the business in order to secure its short-term future.

Sources close to the process reportedly said the lenders were in talks with Nigel Oddy, Matalan's interim CEO, about the possibility of making the role permanent if they succeed in gaining control.

There are reportedly at least two other interested parties currently in the running for the business, including a 50-50 bid led by Matalan founder John Hargreaves and Elliott Advisors, and a joint bid between Alteri and OpCapita.

In a statement last month, Matalan said: "All transactions under consideration provide for a material reduction of Matalan’s debt.

"The stable and sustainable balance sheet will put the company in a position of financial strength, allowing it to execute on its business plan and deliver its growth strategy. The outcome of the sales process will not impact the continued operations of the business or our colleagues, suppliers or other partners."

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