Fashion and homewares retailer Matalan has secured a fresh multimillion-pound cash injection as it continues on its business transformation strategy.
Matalan announced today that it has received £25m of funding from investors including Invesco, Tresidor, Man Group and Napier Park.
Matalan said the funding will enable the business to “accelerate” investment into its multi-year business transformation strategy.
It is understood that the investment will help to refresh a number of Matalan stores and fund a number of new openings, as well as investing in its supply chain and the launch of a new app.
Matalan executive chair Karl-Heinz Holland said the investment will allow Matalan to deliver “sustainable, profitable growth” moving forward.
He said: “We are delighted to have secured this additional funding from our anchor investors.
“The funds will enable us to build on the progress we have already made in delivering our strategy, and accelerate investment across the business, from our stores through to our supply chain.
“We look forward to driving Matalan’s transformation forward as we continue on our journey to deliver sustainable, profitable growth.”
The news follows a number of people changes within the top team at Matalan of late, most recently the appointment of former N Brown retail boss Sarah Welsh as the retailer’s new chief product, brand and commercial officer last month.
Matalan also announced a new director of property and non-executive director and chair of the audit committee at the end of last year following boss Jo Whitfield’s exit from the business.
A replacement chief executive is yet to be named at Matalan.
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