Despite reports in the US and UK that private equity firm Terra Firma are ready to sell Wyevale Garden Centres, a source with knowledge of the matter confirmed to GTN Xtra there is no sales process for the company at this time.

News of a possible sale was reported by New York-based Bloomberg on Wednesday.

Bloomberg reported that Terra Firma had held talks with potential advisers about a sale or a public floatation, which could value the company at up to £700 million.

GTN Xtra contacted both Terra Firma and Wyevale Garden Centres but no one was prepared to comment. 

It wouldn't be a surprise that as a private equity firm, Terra Firma sold or floated the business on the stock exchange at some point in the future. They bought the company - then called The Garden Centre Group - two years ago and have increased the number of centres to 140 throughout the UK.

GTN Xtra understands that Terra Firma would favour the stock market route and that 2018 would be a target date. However, things can change quickly in business and it would seem that Spring would be an ideal time to put the company on the market.

Earlier this year in an exclusive interview with GTN, Wyevale's CEO Kevin Bradshaw said his senior management team were committed to the long-term future of the business no matter who owned the company.

He added that the strategy for Wyevale was to keep growing, so don't be surprised to see the company adding to its 140-centre  portfolio in the near future. Watch this space.