In This Issue
Wesfarmers seeks fast-track exit from the UK
Grow your sales this season with Bord na Móna Growise Pro 5 All Purpose Premium Range
Gardman SKUs building up after Kings Lynn site re-opens
Everything in the garden is growing like mad
Resolva Pro TV Ad goes live this week
Still two weeks behind with plant sales
Smart celebration at Eureka Building
Parliamentary group explores post-Brexit options for horticulture
Former Miracle-Gro boss offers a view from the other side
Strong start to 2018 for Glee
Centres hope for better weather after Easter washout
Jody Lidgard opens latest Greenfingers garden
Garden industry can lead the way on single use plastic
Fosseway GC plans get go-ahead despite local opposition
Garden Centre directors take on Maserati Tour de Yorkshire
Get your own copy of GTN Xtra
Malcolm Morgan, founder and chairman of Zest 4 Leisure, passes away
Hanging pots lead the way for garden product sales
John Taylor Awarded 2018 Carlo Naef Trophy
Young plants dominate Veg-2-Gro chart
LOFAssured initiative gains strength across the garden furniture industry with 14 members already certified
Easter momentum lost for growing media sales
New GIMA-HTA conference will address strategic issues and solutions
Change at the top in Wild Bird Care Bestsellers
Smart Garden Products invest in their Supply Chain
Autumn Fair to showcase growing artisanal trend
The best of last week's
‘Closing down’ signs appear outside garden centres
Homebase Lincoln faces the Bunnings axe as Consultants are called in
British Garden Centres looking for sales to flow
Bestsellers Top 50 charts every week
Buy your subscription to GTN Bestsellers
All the latest news from the world of garden centre catering
Food at Webbs awarded Food Hall of the Year
We want our centres to be plastics-free say Pugh's
Send us your news and great ideas

Contact us with your news. 

Email neil.pope@tgcmc.co.uk, or trevor.pfeiffer@tgcmc.co.uk or call the GTN News team on 01733 775700



GTN's Greatest Christmas Awards 2107
are sponsored by:


and raise money for the Greenfingers Charity to build magical gardens at Childrens Hospices across the UK.


See GTN's photo tours of 30+ garden centres this Christmas including Bents, Barton Grange, Brookside, Castle Gardens, Planters, Scotsdales, Silverbirch, Ruxley Manor and Whitehall using this link


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

Facebook Twitter LinkedIn Del.icio.us Digg | Comment (1)
Comment
Name:*

Email Address:*

Comment:*


Sort by 
Robin Tuppen
Well, there's a surprise!