Matalan founder proposes cash injection to avoid sale

Bloomberg

Matalan Ltd’s founder John Hargreaves has proposed injecting tens of millions of pounds into the struggling retailer to keep control of the business even as its creditors push for a sale, Sky reported citing people familiar with the matter.
Hargreaves, who reinstated himself as Matalan chairman last month, wants to invest between £25 million and £50 million cash into the indebted British clothing chain, people familiar told Sky.
Although there are no formal discussions about a sale and lenders have not formally rejected Hargreaves’ proposals, some of Matalan’s senior creditors were still preparing to push for the business to be sold, one person told Sky.