Garden Centre Group extends maturity of debt, say reports

Garden Centre Group has been talking to its main lender, HBOS (now part of Lloyds Banking Group), about extending the maturity of the company's debt beyond 2012, according to the Daily Telegraph.

Wyevale garden centre in Northampton - image: Garden Centre Group
Wyevale garden centre in Northampton - image: Garden Centre Group

The move comes after GCG hired PricewaterhouseCoopers (PWC) at the end of last year to look at how much debt the company should have on its balance sheet.

A Lloyds Banking Group representative said:

"The bank is in positive discussions to extend the terms of the debt for the Garden Centre Group. No advisers will be appointed for this process. The Garden Centre Group continues to trade well and has the bank's support."

HE reported like-for-like sales up 20 per cent on last year hitting record-breaking heights this Easter.

Lloyds Banking Group, one of the company's major lenders, effectively owns 51 per cent via HBOS, following a restructuring that took place in 2009.

West Coast Capital and Prestbury, are also shareholders.


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