Matalan hires PWC for its sale

Matalan has hired Price Waterhouse Coopers to advise on a possible £1.5 billion sale of the budget fashion chain. The move follows a string of unsolicited approaches from private-equity groups and investors interested in buying the Lancashire-based chain during the past two months.

Matalan’s chief executive, Alistair George, is understood to have met a number of potentially interested parties including CVC, the European private-equity giant, but sources familiar with the group said that no bid had been tabled and the discussion was still thought to be at a very preliminary stage.

A sale of Matalan would net hundreds of millions of pounds in profits for its founder, John Hargreaves, who took the business private in an £827m deal backed by £410m of debt three years ago.

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