Matalan becomes takeover target
26 October 2009 09:01
Matalan is reported to be a £1.5 billion takeover target for "a number" of private equity firms including the group behind Debenhams, CVC Capital Partners.
Matalan, which is majority owned by founder John Hargreaves, has reportedly hired PricewaterhouseCoopers to advise on a possible sale of the business.
A deal would net hundreds of million of pounds for Mr Hargreaves, who took the business private in an £827 million deal backed by £410 million of debt three years ago.
The company recently signalled the start of an expansion drive after concluding there was "significant scope" for new stores in the UK.
The company has also invested £16 million in store refurbishments in the last financial year, with a similar figure expected this year. More than 120 stores currently meet the new standard, with better visual merchandising and store navigation.
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