// Matalan lenders are close to finalising its takeover bid, Sky News reports
// Investors are planning to inject £100 million to secure the retailer’s short-term future
Matalan investors are close to finalising a takeover deal for the fashion retailer.
According to Sky News, a deal with the retailer’s senior lenders could be made within the next fortnight.
The lenders, which include Invesco and Man GLG, have proposed injecting a near £100 million of new funding to secure the retailer’s short-term future.
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They are also in discussions with Matalan’s interim chief executive Nigel Oddy about making his role permanent if their bid is successful, according to sources close to the process.
In December, the retailer said it aims to complete the sales process by the end of January and a “comprehensive update to the market” will be provided at the time.
Other parties to have finalised bids for the retailer alongside the syndicate of senior lenders include Matalan founder John Hargreaves and Alteri and OpCapita.
Matalan has faced debts of over £500 million and has come under increased pressure in recent months as global inflationary pressures and supply chain challenges impact margins and stock availability.
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