A group of funds including Invesco and Man GLG is close to securing a deal to take control of one of Britain's biggest homewares retailers, Sky News understands.
"In addition, the ad hoc group of existing First Lien Noteholders represented by Invesco, Man GLG, Napier Park and Tresidor, which now holds over 70% of the First Lien Secured Notes, has reconfirmed its commitment to a recapitalisation if necessary."All transactions under consideration provide for a material reduction of Matalan's debt including the First Lien Secured debt, an extended debt maturity profile and any new funding that may be required," it said on December 22.
Matalan, which was founded by Mr Hargreaves in 1985, faces an imminent deadline to refinance £350m in debt. Like many of its peers, Matalan found its finances severely strained by the pandemic, prompting the Monaco-based Mr Hargreaves to provide substantial financial support. Matalan warned during the summer that its"ability to successfully refinance our debts involves geopolitical, economic and market factors outside the direct control of the business".
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