Matalan has secured extensions to its debt facilities as it continues to push ahead with its turnaround plan.

The fashion and homeware retailer said anchor investors Invesco, Tresidor, Man Group and Napier Park had agreed to extend the maturity dates on its existing debt facilities.

The facilities, which had been due in December 2027 and January 2028, will now mature in April 2029.

Matalan said the move reflected continued investor confidence in the business and its long-term transformation strategy.

The news comes after the Matalan revealed earlier this month that it had narrowed its pre-tax loss to £55m in the year to 28 February, down from £67m the previous year.

Adjusted pre-IFRS 16 EBITDA rose 24 per cent year on year to £69m, boosted by higher sales volumes and improved margins.

Matalan is investing across its store estate, unified commerce, supply chain and technology as it looks to drive more sustainable growth.

Chief financial officer Dave Williams said: “The continued support of our anchor investors reflects their confidence in Matalan and our strategy.

“The extension to our debt facilities provides us with further flexibility to continue to invest as we drive sustainable profitable growth and build on the positive momentum we have created.”

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