Wyevale Garden Centres is close to securing new funding that will put it on a stronger footing after racking up losses of around £100m last year, Retail Week understands.
The 150-store garden centre chain is expected to reveal the profit plunge, and details of its new financing agreement, when it publishes its full-year figures via Companies House.
Wyevale typically files its accounts on June 30 each year, but is yet to submit last year’s numbers. The final deadline, as stipulated by Companies House, is September 30.
In 2015, Wyevale – owned by private equity house Terra Firma Capital and led by former Toys R Us boss Roger McLaughlan – reported a 31% increase in EBITDA to £56m on sales of £290m.
Wyevale’s losses come amid a period of transformation in the garden centre sector, as retailers in the market adapt to the threat of the online and face increased competition from value players like B&M.
Last year, Wyevale missed out on acquiring its nearest rival Dobbies after reportedly tabling a £175m bid.
Dobbies, which was formerly owned by Tesco and operates 35 UK stores, was instead sold to a group of investors led by Midlothian Capital Partners’ Andrew Bracey – now Dobbies’ chairman.
Wyevale Garden Centres declined to comment.
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