Invesco, Man Group to Take Over UK Retailer Matalan
- Creditors including Napier Park, Tresidor will add funds
- Matalan’s debt load will decrease 43% to £336 million
A Matalan store in Dartford, UK.
Photographer: Suzanne Plunkett/Bloomberg
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Invesco Ltd. and Man GLG Plc will take over British discount retailer Matalan Ltd. in a deal that will reduce the debt burden of the struggling UK retailer.
A group of funds holding more than 70% of the secured notes will assume control next week, according to a statement from Matalan on Monday. The new shareholders, which include Napier Park Global Capital and Tresidor Investment Management, will inject up to £100 million ($122 million) of fresh funds to support the company.