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Birmingham Post
Birmingham Post
Jon Robinson

Matalan secures extra £25m to fund growth ambitions

Matalan has secured an extra £25m in funding following its takeover in January.

Control of the Liverpool-headquartered fashion retailer was assumed by its lenders at the start of the year in a move that ended founder John Hargreaves’ relationship with the business.

The group, led by Invesco, Man GLG, Napier Park and Tresidor, sealed the process after Matalan launched a sales process in September.

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At the time, the lenders cut the group's gross debt by £257m to £336m and agreed up to £100m in new growth funding as part of the deal.

Matalan has now confirmed it has exercised its option to issue a second tranche of £25m super senior notes in a decision that completes the execution of the investors' commitments made in January.

The move comes after Matalan named a new chairman and chief executive in March.

Karl-Heinz Holland and Jo Whitfield were appointed to the roles respectively.

Mr Holland spent 23 years at Lidl, six as CEO, as well as previously being CEO of DIA Group, a network of 5,700 neighbourhood stores across Spain, Argentina, Brazil, and Portugal.

Since May 2018, he has been chairman of Takko Fashion GmbH. From January 2021 until April 2022, he served as Takko’s executive chairman and CEO. Mr Holland is to continue to be the company's chairman.

Ms Whitfield was most recently chief executive of the Co-op’s food division, responsible for the company’s retail, wholesale, online and franchise businesses, as well as the Co-op’s property division.

Prior to her role at the Co-op, she held senior leadership positions at Asda, leading the general merchandise business and serving as VP for operations, e-commerce and international at George.

She was also head of finance at Matalan between 2002 and 2008.

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