180522 | Wyevale Garden Centres on market - willing to accept offers for individual stores, groups or single entity
Wyevale Garden Centres sale: how much will it shake up the industry?
Terra Firma has put Wyevale Garden Centres on the market through Christie & Co and is willing to accept offers for individual stores and groups of centres or to sell as a single entity.
Wyevale Garden Centres put up for sale by private equity Terra Firma; Christie Group to advise on disposal
Wyevale Garden Centres has been put up for sale by Terra Firma, the private equity fund set up by Guy Hands, with AIM-listed business services firm Christie Group PLC (LON:CTG) to advise on the disposal.
In a statement, Christie Group said the high-quality portfolio of 145 garden centres, located across the UK but with a weighting towards the South East of England, ranges from horticultural centres to major leisure destination venues.
Chris Day, global managing director at the group’s advisory business, Christie & Co commented: "The garden centre market is vibrant and on an upwards trajectory.”
He added: "The sale of Wyevale Garden Centres presents a unique opportunity for a wide range of buyers from financial institutions, existing garden centre operators, independent business people and entrepreneurs to buy well invested local garden centres within the price range of £200k to £35m.”
Terra Firma bought the business – then known as The Garden Centre Group - in March 2012 from Lloyds Banking Group PLC (LON:LLOY) in a deal that valued Britain’s then largest garden centres operator by revenue at £276mln.
Publicly listed in 1987, Wyevale was taken private in 2006 in a £445mln buyout by a group headed by Scottish entrepreneur, Sir Tom Hunter but collapsed under its debt burden in 2008 when lenders took control through a debt-for-equity swap.
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