Wyevale Garden Centres has responded to a boardroom challenge by initiating an operational review.
Eden McCallum consultancy will “identify further opportunities to enhance shareholder value”.
Investor Laxey attacked Wyevale’s returns at April’s annual general meeting and lost a motion to have Wyevale chairman David Williams replaced by its own man, Robert Ware (HW, 12 May).
Williams said Eden McCallum “will help us drive sales and profit densities, which will enhance our return on capital. This will be achieved by improving our retail formats, ranges and overall retail capability.”
A Wyevale representative said: “Industry analysts have responded well to the progress report and have upgraded forecasts accordingly. Analysts Seymour Pierce has suggested that profits could double in the next four or five years.”
Wyevale will update on the work of Eden McCallum, and property review by Strutt & Parker on alternative uses for under-performing sites, in September.
Have you registered with us yet?
Register now to enjoy more articles and free email bulletins
Sign up now