Figures reveal the factors behind New Forest Garden Plants' failure

Exchange rate problems were partly to blame for New Forest Garden Plants going into administration, newly issued figures reveal.

The herb, alpine, perennial, wild flower and imported plant nursery went into administration last week with accountants Grant Thornton in Southampton (HW, 26 November).

Quinton Edwards is marketing the freehold of the 10.97ha site in Beaulieu, Hampshire.

Sales particulars show that turnover fell from £3.68m in 2007 to £3.07m in 2008, before rising to £3.22m in 2009 and £3.37m for the first 10 months of 2010.

Net profits were at £111,221 in 2007 and a loss of £98,776 in 2008. This recovered to a £85,702 profit in 2009. The 2008 decline was explained as being due to weather coupled with exchange rate problems, which caused "a substantial strain on cash flow".The business carries £1m of stock.

Last week, employees said the company had gone into administration because HSBC refused to extend its overdraft.

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