![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
<\/a><\/p>\n<\/p>\n
![\"Matalan\"](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/01\/Matalan_fashion_discount-retail_shopfront_ST-2-696x464.jpg\" "\\"Matalan")
<\/div>\n\/\/<\/span> Matalan founder and chair John Hargreaves criticises the retailer\u2019s debt and equity deal<\/h6>\n\/\/ <\/span>It had been seeking a \u00a3350m credit bail out and has now reached deal that will include a \u201csignificant reduction\u201d in gross debt<\/h6>\nMatalan founder and chairman John Hargreaves has expressed his \u201cdisappointment\u201d at the retailer\u2019s debt and equity deal, criticising it for piling on further debt.<\/p>\n
The fashion retailer has been\u00a0acquired by a group of investors including Invesco, Man GLG, Tresidor and Napier Park.<\/p>\n
It had been seeking a \u00a3350 million credit bail out and has now reached deal that will include a \u201csignificant reduction\u201d in gross debt from \u00a3593 million to \u00a3336 million.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nThe finalisation of the deal led to Hargreaves being dropped from the deal, after teaming up with private equity firm Elliott Advisers for a 50:50 bid for the group.<\/p>\n
Hargreaves said he was \u201cdisappointed\u201d at the decision as it fails to deleverage its balance sheet and secure a long-term owner for the retailer.<\/p>\n
Hargreaves Family Private Office said:\u201d John Hargreaves and the Hargreaves family are disappointed by today\u2019s announcement by Matalan.<\/p>\n
\u201cFrom the day he founded the company in 1985 through to the current sales process, John\u2019s focus and commitment has been to act in the best interests of the company, its employees, suppliers and business partners.<\/p>\n
\u201cThe Hargreaves family and Elliott bid would have left Matalan with less than \u00a3200m of debt and ultimately ensured it was best positioned for long-term success.<\/p>\n
\u201cJohn Hargreaves does not believe that the deal announced today with the first lien investors is an optimal outcome for Matalan and its key stakeholders.<\/p>\n
\u201cIn particular, he is concerned that it fails to address the needs of the business to adequately deleverage its balance sheet and secure an appropriate long-term owner for the company, both of which were central to the Hargreaves family led bid.\u201d<\/p>\n<\/p><\/div>\n
Matalan founder and chairman John Hargreaves has expressed his \u201cdisappointment\u201d at the retailer\u2019s debt and equity deal, criticising it for piling on further debt.<\/p>\n
The fashion retailer has been\u00a0acquired by a group of investors including Invesco, Man GLG, Tresidor and Napier Park.<\/p>\n
It had been seeking a \u00a3350 million credit bail out and has now reached deal that will include a \u201csignificant reduction\u201d in gross debt from \u00a3593 million to \u00a3336 million.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nThe finalisation of the deal led to Hargreaves being dropped from the deal, after teaming up with private equity firm Elliott Advisers for a 50:50 bid for the group.<\/p>\n
Hargreaves said he was \u201cdisappointed\u201d at the decision as it fails to deleverage its balance sheet and secure a long-term owner for the retailer.<\/p>\n
Hargreaves Family Private Office said:\u201d John Hargreaves and the Hargreaves family are disappointed by today\u2019s announcement by Matalan.<\/p>\n
\u201cFrom the day he founded the company in 1985 through to the current sales process, John\u2019s focus and commitment has been to act in the best interests of the company, its employees, suppliers and business partners.<\/p>\n
\u201cThe Hargreaves family and Elliott bid would have left Matalan with less than \u00a3200m of debt and ultimately ensured it was best positioned for long-term success.<\/p>\n
\u201cJohn Hargreaves does not believe that the deal announced today with the first lien investors is an optimal outcome for Matalan and its key stakeholders.<\/p>\n
\u201cIn particular, he is concerned that it fails to address the needs of the business to adequately deleverage its balance sheet and secure an appropriate long-term owner for the company, both of which were central to the Hargreaves family led bid.\u201d<\/p>\n<\/p><\/div>\n
The finalisation of the deal led to Hargreaves being dropped from the deal, after teaming up with private equity firm Elliott Advisers for a 50:50 bid for the group.<\/p>\n
Hargreaves said he was \u201cdisappointed\u201d at the decision as it fails to deleverage its balance sheet and secure a long-term owner for the retailer.<\/p>\n
Hargreaves Family Private Office said:\u201d John Hargreaves and the Hargreaves family are disappointed by today\u2019s announcement by Matalan.<\/p>\n
\u201cFrom the day he founded the company in 1985 through to the current sales process, John\u2019s focus and commitment has been to act in the best interests of the company, its employees, suppliers and business partners.<\/p>\n
\u201cThe Hargreaves family and Elliott bid would have left Matalan with less than \u00a3200m of debt and ultimately ensured it was best positioned for long-term success.<\/p>\n
\u201cJohn Hargreaves does not believe that the deal announced today with the first lien investors is an optimal outcome for Matalan and its key stakeholders.<\/p>\n
\u201cIn particular, he is concerned that it fails to address the needs of the business to adequately deleverage its balance sheet and secure an appropriate long-term owner for the company, both of which were central to the Hargreaves family led bid.\u201d<\/p>\n<\/p><\/div>\n