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.

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