Ex-Boots boss spearheads bid for Skelmersdale-based Matalan takeover

Nov 16 2009 Liverpool Daily Post

THE former boss of Boots was today reported to be leading a £1.5bn bid for Matalan by the owner of discount chain Poundland.

Richard Baker, who made an estimated £6.5m when Boots was taken over in an £11bn private equity deal in 2007, recently joined buyout firm Advent International as an operating partner.

Advent reportedly planned to launch its offer this week ahead of a deadline set by Matalan founder and owner John Hargreaves, who put the West-Lancashire based company up for sale last month.

Advent is likely to face stiff competition from a number of heavyweight private equity funds, including TPG, Blackstone and CVC.

However, Advent’s chances of success are boosted by its experience of the discount sector, having invested in Poundland in 2002.

Other UK investments include clothing chain Fat Face and warranties firm Domestic & General.

Mr Baker, who is also non-executive chairman of health club chain Virgin Active, joined Boots from Asda, where he was chief operating officer.

Last month, it was reported that Matalan chief executive Alistair George had spoken to a number of interested parties in the 203-store firm, although no bid was on the table at that stage.