// Holland & Barrett’s owner Mikhail Fridman under pressure to inject cash into the retail chain
// The Russian billionaire is under pressure from lenders as Holland & Barrett is hit by the retail crisis
// Last month, CEO Tony Buffin warned on a sharp slowdown in returns from Holland & Barrett’s 767 stores
Holland & Barrett lenders have reportedly urged the retailer’s Russian billionaire owner Mikhail Fridman to inject new funds as tough retail conditions start to bite.
According to The Sunday Telegraph, Fridman is under pressure to stabalise Holland & Barrett’s balance sheet after chief executive Tony Buffin last month warned on a sharp slowdown across the health and wellbeing retailer’s 767 stores.
City sources speaking to the newspaper also said Holland & Barrett’s earnings were £104 million in the year to September, which did not meet expectations.
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It also compared to the £139 million and £145 million recorded in previous years.
The news prompted a sell-off of Holland & Barrett bonds.
Last week, they were reportedly being sold for as little as 50p in the pound.
Holland & Barrett owes £1.3 million in bonds and loans.
The retailer was acquired by L1 Retail, a retail investment fund controlled by Fridman, for £1.74 billion in 2017.
Buffin, a former boss of Travis Perkins, was appointed to the chief executive role in May.