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Matalan pays bosses £25m but stays tight lipped on profits

Published: 24 March 2009
Matalan has confirmed it owners and shareholders will share a bumper £25m windfall after the firm blew away the economic gloom surrounding much of the retail industry.
Matalan pays bosses £25m but stays tight lipped on profits
The discount homeware and clothing chain was re-bought by founder John Hargeaves in 2007 after he had sold a 69% stake in 2000 for £232m.

At that point Mr Hargreaves took the firm back into totally private hands meaning it no longer had to disclose full accounts to Companies House at the end of each financial year.

As a result it is therefore down to the firm itself to say as little or as much about its cash flow as it likes.

A spokeswoman for Matalan told diyweek.net the £25m payment was correct but declined to comment on the most recent financial figures.

She said: "Matalan will make an announcement in the near future," but she could not give a precise date.

Comments

Published prior to March 2014
By anon
we got told no pay rise this year and in the papers the next week they were giving 25m pound bonuses and thanking us for all are hard work
Published prior to March 2014
By dis gruntled
disgusting - cut staff levels, no pay rise for employess and no promised bonuses.
Hargreaves has sold out, you should be ashamed....how many yachts do you actually need ?

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