Matalan has announced further details regarding its ongoing sale, confirming that it has “received bids from a number of interested parties”.
The company is currently assessing all the tabled bids. Discussions are also continuing with interested parties and their advisers.
The retailer said that it’s looking to complete the sales process by the end of January 2023 and will provide a comprehensive update to the market at such time.
It added that the ad hoc group of existing First Lien Noteholders, which are represented by Invesco, Man GLG, Napier Park and Tresidor, reconfirmed its commitment to a recapitalisation if necessary.
In a statement, Matalan said: “All transactions under consideration provide for a material reduction of Matalan’s debt.
“The stable and sustainable balance sheet will put the company in a position of financial strength, allowing it to execute on its business plan and deliver its growth strategy. The outcome of the sales process will not impact the continued operations of the business or our colleagues, suppliers or other partners.”
There are reportedly at least two interested parties currently in the running for the business, including a 50-50 bid led by Matalan founder John Hargreaves and Elliott Advisors, and a joint bid between Alteri and OpCapita.