Matalan bondholders seek talks over budget retailer’s future | Business News
Lenders to Matalan, one of Britain’s biggest budget retailers, are preparing for crunch talks about the chain’s future financing against a backdrop of soaring inflation and deepening economic gloom.
Sky News has learnt that Matalan’s senior bondholders are lining up Perella Weinberg Partners to advise them on their options with a £350m repayment due to take place early next year.
More junior lenders, meanwhile, who are said to be owed about £80m, are close to appointing Houlihan Lokey to advise them.
City sources said on Friday that talks about a refinancing of Matalan’s balance sheet were expected to move forward in the coming weeks.
John Hargreaves, the company’s founder, is likely to need to inject tens of millions of pounds of additional funding in order to retain outright control of the company, they added.
While details have yet to be finalised, the impending appointment of advisers to two sets of lenders…
