The founder of Matalan has stepped down as chairman to make a bid for the Liverpool fashion and homeware chain.
John Hargreaves founded the Liverpool-headquartered company in 1985, returning as chairman in July after Steve Johnson stepped down.
Hargreaves said: “Matalan is a business that has been in my DNA since the day I founded it in 1985. I am stepping down as chairman so that I can participate in the strategic sales process as a bidder. My focus and absolute commitment will remain to do what I believe is in the best interests of the company and all its stakeholders, in particular the 11,000 people we employ. My intention is to be instrumental in positioning the business for long-term success.”
Senior non-executive director Tim Isaacs will become interim chairman, and Matalan has also appointed Nigel Oddy as interim chief executive. Oddy has previously served as CEO of New Look and chief executive of The Range, as well as holding senior positions at House of Fraser and M&S.
Matalan also announced its revenue for its second quarter, to August 27, totalling £286.4m, up from £264.7m in the same period last year. The business had previously surpassed the £1bn revenues mark in the year to February 2022
