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ICSM Business News: Sky News reports on the future ownership of Matalan and of its lenders

The retail giant Matalan is facing something of a tussle with its lenders concerned over its future reports Sky News.

Mark Kleinman reported that the fashion and accessories store’s chairman John Hargreaves has proposed injecting millions of pounds into the business in exchange for his family retaining control.

He reported for Sky News: “City sources said this weekend, however, that some of Matalan's senior creditors were likely to be unconvinced by the proposal and were preparing to push for the fashion and homewares chain to be put up for sale. The precise sum that Matalan's family shareholders were proposing to inject into the company was unclear, although there were suggestions on Saturday that it could be between £25m and £50m.”

He also reported the firm had £350 million pounds of debt and a ‘£350m bond is due to be repaid in January, while a further £130m instrument is scheduled for repayment a year later.’

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