Hugh Langmuir, the new managing partner of Cinven, knows all about the attractions of buying high street clothing stores, after leading a €1.5bn buy-out of France's Camaïeu in 2007.

Just four months after the 54-year-old Scot took over the reins at Cinven from Robin Hall, the private equity group is considering a £1.5bn bid for Matalan, the discounted clothing retailer that is owned by John Hargreaves.