Matalan founder John Hargreaves and his family are set to share a £250m windfall this week following the completion of a restructuring of the company’s debts.
According to reports in a Sunday newspaper, Goldman Sachs and Lloyds Banking Group have raised £225m of bonds and £300m in loans for the Skelmersdale-based retail group.
The report says the balance of the money raised will replace the existing debt that Liverpool-born Mr Hargreaves used to take the firm back into private ownership in 2006.
The restructure will mean the Hargreaves family will share a £250m dividend.
The Monaco-based tycoon, who started his empire with a market stall in Liverpool more than 40 years ago, pulled out of a possible £1.5bn sale of the business last year after potential buyers failed to meet his asking price.
It is believed four private equity groups expressed interest but none would put up enough cash to trigger a sale.
