Matalan founder and owner John Hargreaves has reportedly tapped existing lenders for a £50m loan.
The founder of the fashion and homewares business is understood to have approached existing lenders Barclays and Lloyds to pump a combined £50m of government-backed funding into the retailer to prevent it running out of cash.
According to The Times, Hargreaves is reluctant to dip into his personal funds to help Matalan through the coronavirus pandemic. A Monaco-based tax exile, Hargreaves is understood to have amassed a £600m personal fortune.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.