Matalan, the leading omni-channel fashion and homeware retailer, has secured a £60m funding solution from Bantry Bay, the specialist lender.
The loan facility will refinance maturing bank debt and provide working capital to support the business as it continues to evaluate options with investors with regards to its bond maturities.
Stephen Hill, CFO, Matalan said: “We are pleased to have agreed the financing package from Bantry Bay, where the team showed flexibility and creativity to structure a facility that will provide a stable platform for the business.”
Jonathan Levine, Managing Director, Bantry Bay said: “We are delighted to support a leading British retailer, which is well placed to capitalise on its market positioning during today’s macroeconomic environment. This transaction demonstrates Bantry Bay’s ability to provide commercially-driven and creative debt capital solutions for complex and challenging situations.”
Matalan, a leading out of town fashion and homeware retailer, serves its customers through 231 stores in the UK, an e-commerce platform and 37 overseas franchise stores. The ultimate parent company of Matalan is Missouri Topco Limited, with the group being ultimately controlled by the Hargreaves family.
About Bantry Bay
Bantry Bay Capital Limited is a specialist lender which provides supportive debt capital solutions to corporates undergoing change. Bantry Bay focuses on asset-based financings for private and publicly-listed companies across a wide array of industries. Independently run by its founder management team, Bantry Bay is a joint venture partnership established with Elliott, the global fund manager with in excess of $50 billion of assets under management.