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Retail & Consumer

Matalan secures extra £25m to fund growth ambitions

Matalan was founded by John Hargreaves

Matalan is headquartered in Liverpool(Image: WalesOnline)

Matalan has secured an extra £25m in funding following its takeover in January.

Control of the Liverpool-headquartered fashion retailer was assumed by its lenders at the start of the year in a move that ended founder John Hargreaves’ relationship with the business.

The group, led by Invesco, Man GLG, Napier Park and Tresidor, sealed the process after Matalan launched a sales process in September.

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At the time, the lenders cut the group's gross debt by £257m to £336m and agreed up to £100m in new growth funding as part of the deal.

Matalan has now confirmed it has exercised its option to issue a second tranche of £25m super senior notes in a decision that completes the execution of the investors' commitments made in January.

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The move comes after Matalan named a new chairman and chief executive in March.

Karl-Heinz Holland and Jo Whitfield were appointed to the roles respectively.