Mon, 04 Jul 2011 | BUSINESS SALE
Garden Centre Group (GCG), once known as Wyevale, is to be put on the market next month by majority owner Lloyds Banking Group.
It is understood that PricewaterhouseCoopers has been mandated to commence the sale at the height of summer – when sales are usually the strongest.
GCG has been discussing a restructuring of its debts with Lloyds - also one of its lenders - about six months before its debt facilities are due to expire in early 2012.
Harry Williamson established the business in 1962 and it has grown to become the biggest nursery in the UK, with 4,500 employees at its 119 outlets in England and Wales.
In 2006 a group headed by retail mogul Sir Tom Hunter bought GCG for £445 million. It was placed into the Bank of Scotland’s hands in 2008 in a debt-for-equity-swap after failing to effectively handle its £419 million loan repayments. Later it joined the large swathe of companies Lloyds took on as part of its purchase of Bank of Scotland's parent HBOS in 2009.
GCG is owned by a group of shareholders. Lloyds owns 51 per cent, while investment firm West Coast Capital and property company Prestbury are also shareholders.
GCG specialises in the sale of fruit and unusual trees, garden machinery – including lawnmowers, hedge cutters, trimmers, pressure washers and sprayers - and other garden accessories.
Revenues for The Garden Centre Group Trading Limited for the year ending 27 December 2009 were £188.97 million, with pre-tax profits of £13.2 million.
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