Mon, 19 Sep 2011 | BUSINESS SALE
The auction of the Garden Centre Group is to commence this week, with its owner Lloyds Banking Group hoping to make more than £300 million from the sale.
The Garden Centre Group is the UK’s largest garden centre operator. It owns the Woodlands, Blooms and Wyevale brands and runs 131 branches in the UK, with a total of 4,500 staff employed.
Lloyds took control of the business in 2009, as part of its rescue of the Bank of Scotland owner HBOS. The sale is part of Lloyds’ efforts to tidy its balance sheet by jettisoning non-core businesses. The Garden Centre Group's previous owner Sir Tom Hunter bought a 20 per cent stake in the business after Lloyds rescued it.
The bank, which is 41 per cent owned by the taxpayer, aims to finalise the sale by the end of this year. The group will be sold as one entity and not split up. Information about the sale has been circulated to potential buyers, and talks to interested parties are already taking place.
Tesco, the owner of 26 Dobbies Garden Centres, is thought to be interested in the sale, The Sunday Times reported. It is understood that Tesco would want to cherry-pick a number of stores. Several private equity groups are also understood to be interested.
Read our previous story - Garden Centre Group to be put up for sale
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