- 26 September 2011
Lloyds Banking Group has begun the process of selling the Garden Centre Group, with a deal expected to raise £300m.
A number of private equity groups are thought to be in the running, and reports over the weekend have suggested that supermarket giant Tesco is interested in the sale, with a view to cherry picking a number of centres. The Sunday Times suggested the grocer, which owns garden centre chain Dobbies, could take 15-20 prime sites rather than bidding for the business in its entirety.
However, sources close to the Garden Centre Group have told DIY Week that the business will be sold as a whole, without being broken up.
The group, which operates 131 outlets, reported an 8% rise in sales to £152m for the six months to June 30.
Rothschild, appointed by Lloyds as a financial adviser back in July, is now handling the sale process.