After a tumultuous year Gardman is up for sale.
"On reflection the directors have decided the best way forward for Gardman is to sell the business and secure more funding," CEO Pete Utting told GTN Xtra on Friday.
"PWC have been appointed to run a process that will conclude within 2 weeks and I have already had discussions with a number of very interested parties."
2018 started for Gardman with their move to Daventry for warehousing and distribution which was problematical, then in March a fire completely wiped out the warehouse and over £20m stock.
Rutland Partners completed a management buy out of the business led by Chairman Jonathan Halford in June 2015.
Below is the statement issued by Gardman on Friday:
Trade Press Release – 5th October 2018
In March 2018 Gardman suffered a devastating fire at its new Daventry warehouse.
With financial support from insurers, lending banks and shareholders, the business has made considerable progress over the last six month in rebuilding its market position. However, as a consequence of the fire, the business has been placed under significant financial and operational pressure.
The Directors have now decided to seek a new owner for the business to support the long term strategy and ambitions, and are in the process of liaising with potential buyers.
The directors see this as a positive step for the business and hope to conclude the process in the next two weeks.
We would also like to express our gratitude for all the support we have received during this recovery period.