Hozelock plays down for sale story

Hozelock director of marketing Simon McArdle has played down reports that the company is for sale at £200m.

Hozelock plays down for sale story - image: Hozelock
Hozelock plays down for sale story - image: Hozelock

A report this week said CVC Capital Partners, the private equity company which owns Hozelock's parent company, Rasindeck, is trying to offload the business.

But McArdle said: "We were very surprised by the article as the story didn't come from us so we can't really comment on it. We have no immediate plans and we're concentrating all of our efforts on growing the business."

Hozelock chairman Simon Laffin is said to be consulting with banks about a sales process which is likely to be finalised by the end of the year, according to reports. Rothschild is said to be among the banks to be favoured to lead the sale process.

In June 2007 the company was put up for sale with a £100m price, but the sale was discontinued. Two years later, in August 2009, the business was again put up for sale but did not complete.

Since then, Laffin has hired David Algar, formerly of Danone, to replace chief executive Steve Hall – who stood down last summer for personal reasons – and appointed Martin Wood as finance director.

The most recent accounts for Rasindeck show sales of £93.9m in the year to October 2010, up from £80.6m the previous year, and a reduced loss before tax of £5.7m. CVC spent £85m on Hozelock in1999 for £85m.

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