Matalan announces potential sale is off

BUDGET fashion retailer Matalan has abandoned a process that could have seen founder and owner John Hargreaves sell the business.

The firm said in a statement it had closed down the potential sale process for the business, without giving a reason.

However, a source close to the sale discussions said offers that came in were not high enough to tempt Hargreaves, who took the firm private for 817 million in 2006.

Several private equity houses registered an interest in making a bid for Matalan last year, sources have said.