Fashion and homeware retailer Matalan has secured 25 million pounds (33 million dollars) additional funding to accelerate multi-year transformation.

The funding boost comes from the company’s anchor investors—Invesco, Tresidor, Man Group, and Napier Park.

The capital will support investments in store refurbishments, new store openings, enhancements to the supply chain, and the launch of a new app designed to strengthen Matalan’s e-commerce platform and loyalty programme.

Karl-Heinz Holland, executive chair of Matalan, said: “The funds will enable us to build on the progress we have already made in delivering our strategy, and accelerate investment across the business – from our stores through to our supply chain. We look forward to driving Matalan’s transformation forward as we continue on our journey to deliver sustainable, profitable growth.”

The development follows the recent appointment of Sarah Welsh to the role of chief product, brand and commercial officer, tasked with ensuring that Matalan’s product offering continues to reflect customers’ expectations for quality and value.