Non-executive director, Matalan
Alistair McGeorge finished 2009 on a high, with private equity firms circling the value chain after a stellar performance throughout the year.
But as soon as 2010 began, potential suitors balked at the business’s £1.5bn price tag, with former chief executive McGeorge joining the likes of New Look’s Carl McPhail in being unable to sell in a tough economic climate. Instead, Matalan was refinanced by raising £525m of debt in April.
Months later, McGeorge announced he would stand down to become non-executive director amid a raft of boardroom changes.
Matalan ended the year with “satisfactory” first-half sales, which rose 1.6% to £539.8m. First-half EBITDA was £77.3m, up from £71.4m the year before. The retailer also launched a department store-style concept with a new layout and in-store multichannel terminals.