Goldman Sachs brought into Matalan auction
26/12/2009
John Hargreaves, the 65-year-old owner of Matalan, has brought in financial highfliers Goldman Sachs to work alongside PricewaterhouseCoopers on the proposed sale of his business. There have been a number of offers in the region £1.5 billion for the business although it is said that the company is concerned about the slow pace of progress over the last few weeks.
Matalan is a company which has attracted controversy in the past but has performed very well during ongoing recession and John Hargreaves is set to more than double his money. While Matalan still believes a deal will be confirmed in the New Year it is hoped that the introduction of Goldman Sachs will at least inject some new vigour into the process. Even though sales figures from the UK high street have been mixed over the last few weeks it appears that Matalan has performed head and shoulders above many leading UK retailers.
John Hargreaves has a record which few can match in the retail industry and while Matalan has attracted negative comments in the past there was no doubting the strength of the business over the last couple of years. Hargreaves himself is in-line for a multi-million pound windfall as he owns 100% of the business.
Share this..
Related stories
Worldwide stock markets under pressure
Worldwide stock markets are again under pressure today amid concerns that the Greek debt crisis is starting to affect other areas of Europe and will soon impact upon the overall worldwide economy. Despite the fact that a bailout package has been agreed with the Greek government this has yet to be rubber stamped and there are concerns as to whether the French and German governments will waive the d...
Read MoreJJB sports to hand dossiers to FSA
JJB Sports directors will this week hand a dossier to the FSA (Financial Services Authority) citing evidence of various untrue allegations made against chairman Sir David Jones. The company believes that this is tantamount to "market abuse" and it could soon turn into a criminal investigation into what has been apparently an ongoing campaign.
Aside from the fact the company is on th...
BP Looks To Escape A Russian Nightmare
While BP has always been one of the more active corporate players in the Russian market, even the oil giant seems to have seen enough. The group has announced that all 148 BP staff who were working for TNK-BP (the company's Russian joint venture) have been withdrawn and placed elsewhere in the region.
BP has been at the centre of what is turning into a very ugly fight over ownershi...
Tesco set to attack UK broadband market
Tesco's has announced a partnership with Cable and Wireless to attack the UK broadband market with the likes of BT, Virgin Media and Carphone Warehouse now on alert. The five-year deal with Cable & Wireless will allow Tesco to offer broadband and home phone services with the aim of building a £2 billion annual turnover and profits of £200 million in the medium term. This equates to about one ten...
Read MoreSFO looking for talks with BAE Systems
The Serious Fraud Office has this evening offered to talk with BAE Systems regarding bribery allegations in a last ditch attempt to avoid what could be a very embarrassing court case for all players involved. As we mentioned last become, BAE Systems is being taken to court by the Serious Fraud Office (SFO) years after allegations of bribery and corruption materialised in the Middle East.