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Matalan has announced that it plans to complete its sale process by the end of January 2023, after which a “comprehensive update to the market” will be provided, according to Drapers.
The business said that, as of 15 December 2022, it had “received bids from a number of interested parties”.
A spokesperson for Matalan declined to provide the number of parties interested in acquiring the retailer, however according to Drapers there are four bidders, including Matalan founder John Hargreaves, who has teamed up with private equity firm Elliott Advisers for a 50:50 bid for Matalan, The Sunday Times reported earlier this week.
Other parties to have finalised bids for the retailer are understood to be Matalan’s senior lenders, which include Invesco and Tresidor Investment Management, and Man GLG, part of FTSE 250 investment firm Man Group, which forced Matalan’s sale process in September 2022.
The fourth bidder comprises private equity firms Alteri Investors and OpCapita.
