The management team at Gardman, led by Chairman Jonathan Halford have completed a management buy out of the business, backed by Rutland Partners.

Sales Director, Steve Harper, told GTN Xtra this morning; "It's awesome.  Gardman is now on a really strong footing going forward. This is really, really positive."

"Garden centres can expect the business to have a new vigour in driving forward with £5m to be invested into brands, stock and new developments."

"Rutland Partners are completely behind our strategy of growing the business with our 5 brand structure.  They understand that agents are an important part of our business model.  we have over 30 people representing Gardman, all with a massive amount of experience."

"We will have over 300 new products at Glee."

Rutland Partners are also investors in well known companies: Maplin, Pizza Hut and Bernard Matthews.  On their web site they state: "Where other private equity firms might look for market growth to justify their investment, we look to the inherent potential in the business for improved performance. Does it have a sustainable competitive proposition and can it take control of the challenges it faces? In other words, 'Can we make a difference here?'

The full statement from Gardman reads:

We are very pleased to announce that Gardman Limited has today been bought out by its management, backed by private equity fund Rutland Partners.

With renewed focus, increased financial strength, and a management team led by Chairman Jonathan Halford, Gardman is now well placed to build on its reputation as the market leading Supplier of sundries into the UK garden market.

“This deal represents the best possible future for Gardman” said Jonathan Halford. “Over the last 2 years Gardman has been through an essential but challenging period of change. Thanks to the dedication, commitment and loyalty of our Employees, Agents and Customers we have emerged a far stronger business culminating in today’s announcement.”

Mr Halford continued “This new investment therefore marks the beginning of an exciting new chapter in Gardman’s future and together with Rutland’s experience in delivering business transformation, provides us with the platform to deliver our ambitious future growth plans. This will include continued focus on our recently launched brands strategy, further improvements in the product range and an investment in operations to deliver higher service levels to customers.”

“We are delighted to have the opportunity to invest in Gardman and back Jonathan in his strategy to improve performance and develop the business further,” added Ben Slatter of Rutland. “We believe that Gardman’s long established brand, much valued Agency sales force and nationwide distribution network will stand us in good stead to take the business to the next level. To this end we are very pleased to provide the immediate funding platform.