Matalan has earmarked the capital injection for advancing investments that are crucial to its ongoing multi-year overhaul of its business operations and strategic objectives.
The retailer plans to allocate the funds towards various initiatives such as refurbishing its existing stores, opening new outlets, enhancing its supply chain capabilities, and introducing a new mobile app.
The app is expected to play a pivotal role in bolstering Matalan's digital commerce presence and customer loyalty schemes.
Headquartered in Liverpool, England, the retailer operates more than 270 stores across the UK and international markets coupled with an integrated online platform.
Matalan executive chair Karl-Heinz Holland 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."
This development comes on the heels of Sarah Welsh's appointment as chief product, brand, and commercial officer at Matalan.
Welsh's mandate includes centring customer needs within Matalan's offerings, ensuring products consistently deliver on quality and value. She will also focus on expanding market share and attracting new customers.
In October last year, Matalan disclosed that Jo Whitfield would be departing from her role as CEO to explore a portfolio career.
Karl-Heinz Holland took on the responsibilities of executive chair while the company started the search for a new CEO.
The funding was provided by Matalan's core investors, including Invesco, Tresidor, Man Group, and Napier Park. This consortium of current First Lien Noteholders, known as the 'AHG,' completed the acquisition of the retail company in January 2023. The investors collectively hold in excess of 70% of Matalan's First Lien Secured Notes and had previously committed to infusing up to £100m ($124m) to foster Matalan's business expansion in the forthcoming period.
