Wyevale Garden Centres has had 14.99 per cent of its shares bought by West Coast Capital (WCC), prompting City suggestions of another takeover bid.
WCC bought the shares from Laxey Partners for 555p. Laxey has agreed to sell its remaining shares to WCC, giving it 28.6 per cent of Wyevale. The Wyevale board intends to co-operate with WCC in making due diligence materials available.
In 2005, Laxey was unsuccessful in two bids to take control of the Wyevale board. Laxey chairman Colin Kingsnorth is happy with the development, insisting: “No, no regrets. That’s what we do.”
Scottish retail entrepreneur Sir Tom Hunter controls WCC. He also has a five per cent stake in Bhs.
A Wyevale shareholder said: “If Hunter thinks there is upside to 555p, then that supports our view that there is growth in this company going forward.”
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