In This Issue
Highest week for plant sales - but not quite a record overall - GTN Bestsellers update
Record sales on record breaking Bank Holiday - updated with figures from Dobbies
Bids start coming in for Bunnings/Homebase
Smart gardening with Lechuza
Cherry Lane acquires David's Nurseries in Worcester, as revealed by GTN Xtra
Blue Diamond staff get naked for pictures on social media
Carol Paris launches new garden centre group Somerton
Can we make up 11% in May?
Introducing new HTA Board members
Phoenix Natural Gas supports Hillmount kids club
Garden centres add support to The National Rose Festival
Strikes Stokesley partially reopens after devastating fire
10 years of leading greenhouse manufacture from Vitavia
Wyevale provides plants for BALI’s stand at Malvern
Durstons’ Dan takes up a position on GIMA Council
RHS licensing partners help bring new project to life
Zest 4 Leisure trio celebrate marathon success
Places available at GCA Plant Area Forum at Ball Colegrave
Deputy Centre / Planterea Manager
Get your own copy of GTN Xtra
Decco appoints Andrew Ballantine as new Chief Operating Officer
Garden product sales down for 11th consecutive week
Plenty of potential for veg plant sales
Roller coaster ride for growing media
Cold weather is a boost for Wild Bird Care sales
Date confirmed for GIMA Buyer Connect
Book your place at the table at the HTA Catering Conference – 5-6 June 2018
Beth Chatto Symposium honours 95th birthday
The best of last week's
Home & Garden group of centres to be split up
Average April means May Bank Holiday weather is crucial
QD Group buys David’s Nurseries to make Cherry Lane No 12
Wesfarmers seeks fast-track exit from the UK
Bestsellers Top 50 charts every week
Buy your subscription to GTN Bestsellers
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Deputy Centre / Planterea Manager

Hillview Garden Centres have a vacancy for Deputy Centre / Plantarea Manager at Scotland Nurseries Garden Store...

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Wesfarmers seeks fast-track exit from the UK

 

Wesfarmers, the Australian owner of Homebase, has asked prospective buyers of the ailing business to submit initial offers today as it sought a fast-track exit from its disastrous foray into the UK retail sector, according to Sky News reports.

 

Sky News has stated that sources close to the seller say it is assembling a large financial package to hand to any new owner to help contend with its huge losses.

 

The value of the dowry has not been finalised, but one insider said it could easily exceed £100m.

 

Homebase, which is part of Wesfarmers' Bunnings UK and Ireland division, is expected to lose approximately £190m in this financial year on revenues of roughly £1bn, according to the source.

 

Sky News has also revealed that Alvarez & Marsal, the restructuring specialist, has been drafted in to advise Wesfarmers on alternatives to a sale, including a mechanism that would see it closing scores of Homebase outlets.

 

Wesfarmers began approaching potential buyers of the DIY chain several weeks ago, just two years after completing a £340m takeover.

 

Investment bankers at Lazard are handling the sale discussions, with turnaround investors such as Endless and Hilco reportedly interested in a takeover.

 

Homebase employed nearly 12,000 people in Britain across an estate of almost 250 stores at the end of last year.

 

The move to unwind Wesfarmers takeover of the UK's second-biggest DIY chain comes less than three months before the Sydney-listed company has said it will update investors on the results of its strategic review.

Homebase was intended to be a launchpad from which the Australian retailer would take on B&Q in a battle for supremacy in the DIY market.

 

However, Wesfarmers' strategy has backfired spectacularly in the last 18 months‎, forcing it to write off more than £500m after it ditched some of Homebase's most popular business lines.

 

The full Sky News report can be viewed by clicking here

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