Matalan has placed its headquarters building on the market in order to shore up its business. The retailer expects to realise £28.5 million for the premises in a sale and leaseback deal.
This will, market watchers say, remove pressure from Monaco based founder John Hargreaves who has been widely expected to dip into his not inconsiderable assets to support the business. Matalan has availed itself of the furlough scheme subsidy for 11,000 employees as well as taken a £25m advance from the business interruption loan scheme. This has not been well received by HMRC which had been pursuing Mr Hargreaves for £84 million in unpaid taxes until the case was dismissed last year.
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