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Matalan mulls £1.5bn sale

Discount retailer Matalan is considering a £1.5bn sale after receiving a number of approaches.

Alistair McGeorge, the chief executive of the privately-owned retailer, said this weekend that the discount retailer had received a number of unsolicited expressions of interest.

His comments followed reports that several private equity partners including CVC Capital Partners, had expressed an interest in the chain. PricewaterhouseCoopers (PwC) is advising Matalan.

McGeorge told the Guardian that PwC would consider the merits of the interest but that there would be no deal until the new year.

McGeorge said that Matalan had not been pursuing a sale until it was approached and would not comment on the names of potential buyers or on the potential price tag.

Matalan was taken private by its founder John Hargreaves three years ago in a £827m deal backed by £410m of debt.

Like-for-like sales at Matalan, which has kicked off an ambitious expansion drive, between March and June rose 8.2%.

CVC has investments in Debenhams and controls Spanish fashion giant Cortefiel.

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