High Street

Matalan rescue deal to wipe founder’s control of group

According to the Times, Matalan is set to announce that lenders Invesco, Man GLG, Tresidor and Napier Park will instead take control after agreeing a debt-for-equity swap

Matalan founder John Hargreaves is reportedly set to lose control of the group after its lenders finalised a rescue deal that eliminates his equity, despite the retail tycoon submitting his own takeover bid for the group.

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