The founding family of Matalan has put the discount retail chain up for sale.
John Hargreaves has reportedly hired Lazard to find a new financial backer or a potential buyer for the 37-year-old business he founded.
While Matalan reported underlying profit of £100m last year, the business has £350m of secured debt that falls due at the end of January.
Matalan’s lenders, which are being advised by Perella Weinberg, are seeking £100m in fresh equity.
