Matalan SSNs - safer than UK houses

All,

Please find the updated model of Matalan here.

We have modelled a scenario where the developments of Summer 2019 are the new Normal going forward - except for the vast excess stock clearance in Q2, which was partially due to increased purchases vs 2018 and certain other circumstances.

On that basis Matalan remain well able to support their debt - including the SUNs.

For structural reasons however and because we understand that the SUNs remain significantly owned by the Hargreaves family, we prefer to remain in the SSNs - safer than UK houses these days.

Wolfgang