Entrepreneur close to concluding due diligence
Tycoon Sir Tom Hunter was preparing to unveil a formal bid for garden centre group Wyevale as Retail Week went to press.

The entrepreneur was close to concluding due diligence and an£311 million offer was understood to be imminent.

Hunter already controls 28.6 per cent of Wyevale after buying the stake held by hedge fund Laxey for 555p a share.

Laxey spearheaded a rebellion last year against the retailer's then chairman and other directors. It is thought that, given the conflict of the past 12 months, Wyevale's board, now chaired by Jim Hodkinson, will be keen to allow shareholders to consider any offer from Hunter.

Last year's battle over Wyevale's direction focused attention on garden centres, a long-neglected retail sector. Supermarkets and DIY groups have made inroads into the market, but many believe a specialist chain, adopting high retail standards, would be well placed for success.

Although there has been speculation that Hunter is interested in Wyevale for its property, he intends to invest in and develop the retailer.

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