A pair of former Lidl and Co-op grocery store executives are taking the helm of Matalan as its new house owners search to rebuild the low cost homewares retailer’s efficiency.
Sky News has learnt that Karl-Heinz Holland and Jo Whitfield might be publicly unveiled this week as the brand new chair and CEO of Matalan, the Liverpool-based chain.
The appointment of a heavyweight duo to guide the enterprise underlines the boldness of the funds which lately took management of Matalan in its turnaround otential.
Mr Holland spent 23 years at Lidl, together with six as its chief government, earlier than changing into chairman of Takko Fashion, a profitable European low cost style retailer.
Responding to an enquiry from Sky News, Mr Holland stated in a press release: “I’ve been a long-standing admirer of Matalan and consider it is a enterprise brimming with potential.
“I am very much looking forward to working with the new owners, Jo, and its dedicated workforce, to help it achieve its potential.”
He replaces Paul Copley, Matalan’s interim chairman, who himself changed the chain’s founder, John Hargreaves, just some months in the past.
Mr Copley will stay on the board as a non-executive director.
Ms Whitfield’s appointment as Matalan chief government, revealed by Sky News final month, represents a company and private homecoming for her.
Hailing from St Helens, which is simply 11 miles from Matalan’s Skelmersdale head workplace, she was a finance government there within the early 2000s.
Her arrival will see her change Nigel Oddy, the chain’s interim CEO.
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The twin appointments observe a recapitalisation which resulted in Mr Hargreaves relinquishing management of the chain earlier this 12 months.
A bunch of institutional buyers together with Invesco, Man GLG and Tresidor Investment Management agreed to sanction a £257m debt-for-equity swap and inject as much as £100m of recent capital into the enterprise.
Matalan employs greater than 11,000 folks and trades from 230 UK shops.
It additionally operates an e-commerce platform and has greater than 50 abroad franchise shops.
The firm says it has 11m clients.
Source: information.sky.com”