Wyevale secures funding to cover its debts

Wyevale major shareholder Sir Tom Hunter has told Horticulture Week and the garden centre chain's staff that funding has been extended to cover the businesses' debts.

Hunter said: "You may have read recent media reports regarding Wyevale's funding position and I am very happy to clarify matters.
 
"We recently agreed with our major lender and indeed fellow shareholder, HBOS, an extension to the terms of a bridging loan whilst we developed a longer term funding plan for the business. As part of this development, KPMG were appointed to review our three-year plan and funding requirements. 

"KPMG have now concluded their review and we are aiming to conclude negotiations on a longer term funding package in the near future.  This will enable us to deliver upon our growth plans for the business.
 
"Meanwhile, Nicholas Marshall and his team will continue to drive the business forward and with him I am confident we will trade effectively through the tough times. Whilst we can neither control the weather nor a recession, we can deliver compelling products and service to our customers and that will be our focus going forward."   
 
HBOS has a 19% stake in the business.

While annual turnover is around £125 million, Hunter is renegotiating £650 million in loans used to finance the leveraged buy-outs of Wyevale and Crest Nicholson.


Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Read These Next

Business Planning - Staff are your greatest asset

Business Planning - Staff are your greatest asset

An effective strategy to retain staff is the best way for any business to avoid a potential recruitment crisis, Neville Stein advises.

GroSouth 2017 update

GroSouth 2017 update

First-time and established exhibitors are preparing to showcase products and services at this year's show in West Sussex, Gavin McEwan reports.

Pest & Disease Factsheet - Vine weevil

Pest & Disease Factsheet - Vine weevil

Avoid costly damage by this serious plant pest.


Opinion... Pepper breeders' wealth of knowledge

Opinion... Pepper breeders' wealth of knowledge

Peter Seabrook looks forward to garden centre pepper-tasting weekends.

Opinion... Shining a light on trading with Europe

Opinion... Shining a light on trading with Europe

Accurate figures are notoriously difficult to get at, but without doubt the UK imports a great deal of its ornamental plant requirement.

Opinion... Unbeatable delight of quality plants

Opinion... Unbeatable delight of quality plants

Viewing top-quality plants, both growing and on sale, always gives me pleasure.


Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +
Horticulture Jobs
More Horticulture Jobs

Tim Edwards

Boningales Nursery chairman Tim Edwards on the business of ornamentals production
 

Read Tim Edwards

Ornamentals ranking

Top 30 Ornamentals Nurseries by Turnover 2017

Top 30 Ornamentals Nurseries by Turnover 2017

Tough retail pricing policies and Brexit opportunities drive the top 30 growth strategies.

Pest & Disease Tracker bulletin 

The latest pest and disease alerts, how to treat them, plus EAMU updates, sent direct to your inbox.

Sign up here

Are you a landscape supplier?

Horticulture Week Landscape Project Leads

If so, you should be receiving our new service for Horticulture Week subscribers delivering landscape project leads from live, approved, planning applications across the UK.

Peter Seabrook

Inspiration and insight from travels around the horticultural world
 

Read more Peter Seabrook articles