Lloyds to put Garden Centre Group up for sale
Garden Centre Group, formerly known as Wyevale, is to be sold by Lloyds Banking Group next month.
PricewaterhouseCoopers is reported to be looking to start the process in August which is usually the retailer’s best performing month for sales.
Founded by Harry Williamson in 1962, GCG is Britain’s biggest nursery and has 119 branches throughout the UK. It now employs 4,500 people.
Acquired in 2006 for £445 million by a group led by retail entrepreneur Sir Tom Hunter, GCG was was passed to Bank of Scotland in 2008 in a debt-for equity swap after it failed to manage its £419 million loan payments. Lloyds acquired the business in 2009 when it bought Bank of Scotland owner HBOS.
GCG is reported to be have been in talks with Lloyds Banking Group about restructuring the its debt, in advance of its debt facilities expiring early next year.
