A deal would net hundreds of million of pounds for Mr Hargreaves, who took the business private in an £827m deal backed by £410m of debt three years ago.
Matalan’s operating profits reached £102m in the year to February 28, up from £89.4m a year earlier.
Mr Hargreaves opened the first Matalan store in Preston in 1985, taking inspiration from low-price, out-of-town retailers in the US.
By 1995, there were 50 stores across the UK.
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