Not so reassuring. The bonds should see a little pressure. CEO Henrik Nordvall is leaving only six months after taking office, and

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Please find our updated analysis here.

It's taking longer. The maturity extension has gone as smoothly as was to be expected. Matalan now has more time to recover - time that is needed, considering the slower than expected recovery. But the company is on the right track, and progress is steady. So the bet in the SSNs just improved, and we are not seeing that yet in the bond price.

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Following their maturity extension last month under new CEO Henrik Nordvall, the bonds traded up 3 points, but volumes are thin, so there won’t be much

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We have been shouting about this for a while. We have bought a 5% of NAV position in the Matalan SUNs above the offer price we are

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If Matalan can reach that guidance, investors will do well, even if the smaller tranches need extension beforehand. The company has lifted

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Please find our updated model on Matalan here.

Any name with any risk attached that is rearing its head in this market will trade down. Following their Q2 Call in October, Matalan bonds are

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LTM EBITDA of £70m is now significantly ahead of our projections of £60m at the start of the year. Once adjusting for the 14th week, Q225 itself

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When announcing Asda’s new drive to become Britain’s largest apparel retailer, it is worth bearing in mind George’s proximity to

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Q4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The rea

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As the company is negotiating the A&E, it is not surprising to see some departures from the board. Matalan is looking for a new CEO following Jo

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Back in October, the guidance to £60m EBITDA for the year appeared very aggressive to us and we asked management on the subject. However, Matalan

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The company issued a very bullish outlook for the rest of the year, driven apparently by very strong trading in Q3 so far. We frankly struggle with the

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Ouch, those sales figures are low. But on the flip side, management have held up margins and markdowns, so that EBITDA is pretty much on

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Yesterday, Matalan announced that Jo Whitfield, the CEO, is leaving the Company.  Over the past few months, we have become increasingly

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Please find our updated analysis of Matalan here.

As flagged following last week’s call we have been disappointed by the results and are concerned about the business over the coming year. There have been warning signs

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Please find our unchanged analysis of Matalan here.

Matalan follows up its disappointing Q4 with a more disappointing Q1, where the cost position was even a little better than forecast, but revenues again fell short of our forecast,

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