Published on 24 - March - 2009
Matalan pays bosses £25m but stays tight lipped on profitsMatalan 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.
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.
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