Matalan has secured £25m in additional funding from its anchor investors to support its ongoing business transformation.
The fashion retailer said the investment will drive key initiatives, including store refreshes, new store openings, and improvements to its supply chain.
The funding comes from a group of investors including Invesco, Tresidor, Man Group, and Napier Park, and will also help launch a new app that will bolster Matalan’s ecommerce operations and support its loyalty programme.
Matalan executive chair Karl-Heinz Holland said: “We are delighted to have secured this additional funding from our anchor investors. The funds will enable us to build on the progress we have already made in delivering our strategy, and accelerate investment across the business – from our stores through to our supply chain.
“We look forward to driving Matalan’s transformation forward as we continue on our journey to deliver sustainable, profitable growth.”
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The funding announcement follows the recent appointment of N Brown’s Sarah Welsh as the fashion retailer’s new chief product, brand and commercial officer.
Welsh’s role will see her put customers at the heart of the retailer’s offering, focusing on ensuring that products meet customer demand for quality and value while also helping to drive market share growth.
The news also comes amid wider leadership changes at Matalan, with former CEO Jo Whitfield having stepped down in October after overseeing key transformations, including a restructuring of the senior leadership team and the re-establishment of the retailer’s “value credentials.”
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