Wyevale Garden Centres to keep new sale and leaseback venues secret

Wyevale Garden Centres has refused to reveal which centres are subject to its latest round of sale and leasebacks.

In the latest annual report for Wyevale, revealed by Horticulture Week earlier this week, it mentioned a sale and leaseback of five stores from June 2016, raising £40.1m.

Wyevale said is was not prepared to disclose details of the locations due to be sold.

The company said 2015 was a "challenging year" as it reported turnover of £311.1m, up from £290.4m but declining EBITDA and margin.

Profit on sale and leaseback of eight centres in December 2015 was £32.7m, helping grow operating profit to £47.9m, up from £32.5m.

That £91m sale and leaseback came about when Orchard Street Investment Management bought and leased by Altrincham, Gosforth, Nantwich, Leicester, Huntingdon, Braintree, Woking and Osterley.

WGC has signed 25 year leases on the centres. Orchard Street bought them on behalf of St James's Place Wealth Management. Orchard Street have not revealed any involvement this time.

The sale particulars were published in November 2015, six weeks before the year end. The document projected end of year sales for the group to be £320.3 million but in the group accounts they were £311.1m. EBITDA is shown in the brochure at £60 million, the accounts show EBITDA at £42 million.

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