Matalan drops potential sale process

Matalan founder John Hargreaves was understood to have been looking for a price tag of about £1.5bn, which was said to have been too high for the potential buyers.

Blackstone and BC Partners reportedly pulled out of the auction earlier in the year.

Matalan has so far defied the downturn due to cash-strapped consumers. Its earning jumped 6.3% in the year to 28 February 2009 to £145.1m. Hargreaves took the company private in 2006 in a £827m deal.

 

 

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