// Matalan founder John Hargreaves makes final ditch attempt to keep control of the retailer
// Hargreaves teamed up with private equity firm Elliott Advisers for a 50-50 bid for Matalan
Matalan founder John Hargreaves is among four bidders to have placed an offer for the fashion retailer, as he makes a final attempt to keep control of the chain.
Hargreaves has teamed up with private equity firm Elliott Advisers for a 50-50 bid for Matalan, the chain he founded in 1985.
The other parties to have finalised bids for the retailer are understood to be Matalan’s senior lenders and Alteri and OpCapita, The Sunday Times reported.
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The group of lenders that forced the sale process and is now bidding to take control of the chain includes Invesco, Tresidor Investment Management and Man GLG, part of FTSE 250 investment firm Man Group.
Hargreaves expects his bid to be successful due to his extensive knowledge of the company.
Matalan has faced debts of over £500 million and has come under increased pressure in recent months after leading credit insurers, including Allianz Trade, gradually removed cover for suppliers to the retailer.
The company has told bidders that it expects to make underlying earnings of £30 million this year, reaching £114 million by 2026. The successful bidder will be selected in the coming weeks.
