Matalan looks to complete sales process by January

British retailer Matalan has outlined further plans for its ongoing sale, now stating that it is aiming to complete the strategic process before the end of January 2023.

In a regulatory update, the company reaffirmed that it had received bids from “a number of interested parties” and was currently assessing all of them while holding “constructive discussions” with both the parties and their advisers.

It added that the ad hoc group of existing First Lien Noteholders, which are represented by Invesco, Man GLG, Napier Park and Tresidor, reconfirmed its commitment to a recapitalisation if necessary.

The group currently holds over 70 percent of the First Lien Secured Notes.

It did highlight that all transactions under consideration will provide a material reduction of its debt, including its First Lien Secured debt, an extended debt maturity profile and any new funding that may be required.

According to Matalan, it is seeking a stable and sustainable balance sheet that would put it in a position of financial strength, allowing it to execute its business plan and deliver a growth strategy.

The company added that the outcome of the sales process would not impact the continued operations of the business or its colleagues, suppliers or other partners.