He intends to accelerate the pace of change at the garden centre group and will take on the responsibilities of chief executive Barry Stevenson, who has left.
Wyevale, acquired in a£320 million deal by tycoon Sir Tom Hunter’s West Coast Capital in 2006, increased sales and profits last year as Stevenson overhauled the product range and retail disciplines.
Stevenson said: “It has been very gratifying to lead Wyevale through the key period of establishing our market vision into the business.”
Hodkinson said: “Wyevale will now enter the next stage of its development, leveraging its wider geographical and product coverage and further extending our market leadership within the UK garden centre industry.”
A source close to Wyevale insisted that there had been no pressure from investors for a leadership change. However, one observer said the move may reflect rising pressure on highly leveraged, private equity-owned companies generally to deliver results, as the consumer environment tightens and the cost of debt weighs heavier.
“In this climate, you really need to show the results if you’re owned by private equity,” he said.
Wyevale has spent significantly on acquisitions, including the purchase earlier this year of 10-store AIM-listed rival Blooms of Bressingham, as well as four other garden centres
At the same time, Tesco has muscled into the market with the acquisition of rival garden centre group Dobbies.
One garden centres source said: “An awful lot has changed. Jim wants to leverage market leadership. It needs to progress at more speed.”
Industry observers believe that the£5 billion garden centre market represents one of the last big, unmodernised sectors in UK retailing.
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