We see them around but we don't know what goes on behind the scenes. document.addEventListener('DOMContentLoaded', function() { "We're planning for much more modest growth than that--probably in line with last year, maybe slightly behind last year would be my sentiment at the moment." Serving the finance centres of Guernsey, Jersey, London, Europe and worldwide. 129 0 obj <> endobj Matalan recruited Paul Mason, age 41, as its new chief executive in August 2001, luring him away from his position as president and managing director of competitor ASDA Wal-Mart U.K. Mason had 20 years of retail experience and had been at ASDA for six years, playing an instrumental role in Wal-Mart's purchase of the business. As of 2020, the company employed over 13,000, and had 230 stores in the United Kingdom, together with thirty two franchise stores in Europe, and the Middle East. View Matalan Finance PLC's historical fixed income issuance and pricing profile here. Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Stephen Hill, as the Foreign Representative of Matalan Finance Plc, described as being part of a group that is a £1.1 billion revenue value fashion and home omni-channel retailer, at the U. S. Bankruptcy Court for the Southern District of New York. Mills, Lauren, "Card to Shake Up British Shopping," October 3, 2000, http:www.theage.com.au. document.addEventListener('DOMContentLoaded', function() { MATALAN FINANCE PLC - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity Sponsored by: FTI Consulting Matalan Finance plc is also a borrower under the RCF, which ranks ahead of the other senior debt instruments in the company's debt structure. John Hargreaves was the son of a Liverpool docker who had worked himself into the successful position of market trader in the 1970s. A weekly, curated selection of our international content from around the globe, across the business of law, in-house, regulatory, technology and more, with expert insights from our senior editors. The company reported that the slowdown was due to several factors, including the September 11 terrorist attacks in the United States. However, Matalan Chief Executive Angus Monro cautioned, "Probably in the second half of the year there will be some slowing down of those rates of like-for-like sales growth.". Advertise With Us/ Delayed by 20 minutes. Legalweek(year) will bring together thousands of legal professionals for a series of 5 innovative virtual legal events. Votes: 14 "Yes" votes ‐ Bank of America N.A. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. endstream endobj 133 0 obj <>stream While the company's like-for-like sales were higher than the previous year, the forecasts had been higher still and the market reacted negatively to the underperformance. While the Matalan and Thomas Cook decisions provide useful guidance, whether an English scheme or Chapter 15 will constitute a Bankruptcy Credit Event needs to be carefully considered on a case-by-case basis. Matalan have 217 stores across the UK. On 15 September 2020, the auction to settle the credit derivative trades for MATALAN FINANCE PLC CDS was held. Matalan Finance plc - Post-Sale Snapshot - £150m 8.875% Second Lien Secured Notes due 2020. Claude M. Millman | The International Stock Exchange provides a responsive and innovative listing facility for companies to raise capital from international investors. Your account has been deleted, thanks for being with us, Calculate in two clicks! *May exclude premium content Matalan Finance Plc is an active company incorporated on 10 October 2006 with the registered office located in Liverpool, Merseyside. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. The Company holds external debt andr echarges the cost of the debt to a subsidiary company. By the end of 1998, Matalan had added 12 new stores and 210,000 square feet of selling space. Charges for MATALAN FINANCE PLC (05962488) More for MATALAN FINANCE PLC (05962488) Registered office address Matalan Head Office Perimeter Road, Knowsley Industrial Park, Liverpool, L33 7SZ . The number of employees rose 42 percent from 5,660 to 8,039 and active membership in the Matalan Discount Club grew 43 percent, from 4.4 million to 6.3 million. !5˘��:��iPd�ʲ��o�l����a���a�j�F�#߅z(��a�We;T�{J�c4�/):�סx�2̋�Z���/�,R3��g��=��f�o[ioP�|hk��W|R��H���1�e�GK�y�\�e����� ��}�6v^�M[����@���-w�7>JΖ�^ΫE(��)��� ��8�M;\���*Сt:�}��a���k���o>�5��@��D���������� Like the U.S.-based Sam's Club, Matalan PLC is located outside of larger cities and offers a club warehouse concept in savings. var myDate = new Date(parseInt(1601301412000)); However, in October Matalan reported a sharp downturn in sales that resulted in a 16 percent drop in its stock price. document.addEventListener('DOMContentLoaded', function() { MATALAN FIN PLC CDS Credit Event Auction 15 September 2020. Indeed investors in the company should be alert as well. But in the early 1980s, he took a trip that changed his life. Our Team Account subscription service is for legal teams of four or more attorneys. Matalan lost half its market value in the half hour after the announcement that it had slower growth than expected as well as remaining inventory to sell at a discount. Same-store sales grew 18.5 percent in the first nine weeks of 1999. By October 1999, demand for Matalan stock was high but a limited amount was available for trading on the London Stock Exchange since Hargreaves and his family held 60 percent of the stock in the company. Michael Sternhell and Matt Lee | 25 Mar 2010, 10 Oct 2006 - The Right to Privacy in NY Real Estate: Unsettled Issues Remain, Indigent Access to Justice Debated in Luxury Condo Appeal, The State of Securities Fraud Litigation in Insolvency Proceedings, The Future of Investigations Part 4: X-Factors, The Future of Investigations Part 3: Transformation in Asia, The Future of Investigations Part 2: Regulatory Oversight & Enforcement, Follow By early 2000, the effects of U.S. retailer Wal-Mart's purchase of George at ASDA stores were obvious in the United Kingdom and caused a weakening demand for middle market clothing stores. Retail analysts applauded the move, and the future looked bright for Matalan. var myDate = new Date(parseInt(1601300976000)); November 17, 2020 For the results of the auction please see the MATALAN FIN PLC Auction Results P.C. Site Map / After his resignation, the Sunday Times quoted unnamed friends of Monro as saying he was "ambushed" and "astonished." In the first ten weeks of 2000, the trading price of Matalan stock was up 31.2 percent, a strong indication of investor confidence in the company due to increases in revenue. | However, the company cautioned investors not to expect that type of sustained return. However, given his stated intention to leave the business in two to three years' time and the Board's desire to develop aggressively its strategic options, it has been agreed with him that it is more appropriate that he leaves at this time.". On Aug. 11, 2020 a Credit Derivatives Determinations Committee for EMEA unanimously determined that the Chapter 15 filing by British retailer Matalan to enforce its English scheme triggered a Bankruptcy Credit Event under standard credit default swaps. Matalan's credit card was launched in October 2000 and offered a competitive low rate of 11.9 percent, lower than other department store cards in the United Kingdom. As consumers, we often take for granted all the hard work that goes into building a great company. The company also diversified its product line to include housewares and other non-clothing wares. The idea was a success and, by 1995, Matalan had expanded to 50 stores across the country. %%EOF �2~I�:����F2�� | 150 0 obj <>stream The Chairman is John Mills and the Managing Director at Matalan is Jason Hargreaves. In April 2001, the company and its stock were hit once again as Angus Monro resigned suddenly amid rumors of a disagreement about the company's future. MATALAN FIN PLC CDS Credit Event Auction 15 September 2020. "I am pleased to report that the consistent application of our strategy and delivery of our outstanding value for money proposition has produced a record set of results," said Hargreaves. learn how over 7,000 companies got started! Sponsored by: FTI Consulting In July 2001, the company purchased Lee Cooper Group Ltd., a maker of branded jeans and casual clothing. Matalan Finance Plc has been running for 13 years. Sign In Now, Total U.S. death rate is below average, CDC says, Cellino Withheld Nearly $1M From Attorney to Spite Her Boyfriend Barnes, Suit Claims, COVID-19 is Driving Long-Term Changes in Big Law for Remote Work, Fees, Hiring, First Day of National Online Bar Exam Goes Off—With Some Hitches, 2 Manhattan Commercial Division Justices to Retire as Judicial Budget Cut Takes Hold.