Embattled fashion retailer Matalan says it has received bids from a “number of interested parties” and expects to complete the sale process by the end of January.

Matalan-storefront-HR

Matalan failed to refinance its £350m debt pile in the summer

The retailer added that a “comprehensive update to the market” will then be provided at that time. 

As has been reported, there are at least two interested parties currently in the running for the business, including a 50-50 consortium led by Matalan founder John Hargreaves and Elliott Advisors, and a joint bid between Alteri and OpCapita. 

It caps a bad year for the fashion retailer, which effectively fell into the ownership of its shareholders in the autumn having failed to refinance its £350m debt pile in the summer. 

Matalan appointed retail veteran Nigel Oddy as interim chief executive at the end of September as it formally began the process of looking for a new owner. 

Founder Hargreaves was forced to step down from his position as chair at the time. He said then: “Matalan is a business that has been in my DNA since the day I founded it in 1985. I am stepping down as chair so that I can participate in the strategic sales process as a bidder. 

“My focus and absolute commitment will remain to do what I believe is in the best interests of the company and all its stakeholders, in particular the 11,000 people we employ.”

  • Don’t miss the best of the week – sign up to receive the Editor’s Choice every Friday