Matalan

In 1985, after a trip to the United States, former market trader John Hargreaves had an idea. Inspired by the American warehouse club model, he opened the first Matalan Discount Club in Preston, offering clothing and homewares at low prices from large, out-of-town locations. This value-driven approach, which involved buying directly from manufacturers to cut costs, resonated with UK shoppers. By 1995, the company had grown to 50 stores. A key moment arrived in 1998 when Matalan went public, listing on the London Stock Exchange. This move fueled a period of aggressive expansion and growth for the retailer. However, the company's time on the public market was bookended by the founding family, who took the company private again in 2006. The most significant shift in the company's story occurred much more recently. Facing a looming £350 million debt maturity, Matalan was put up for sale in September 2022. In January 2023, a group of its senior lenders, including Invesco and Man GLG, took control of the business. This debt-for-equity swap marked the end of the Hargreaves family's ownership. The new owners reduced the company's debt by £257 million and injected up to £100 million in new funding to stabilize and grow the business.