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Wyevale under pressure to refinance business before publishing accounts

Percy Throwers Gdn Centre 2

Wyevale Garden Centres, with 140 UK centres is working on a refinancing deal with Hayfin/Barclays ahead of publishing its year-end accounts. Under normal circumstances, the company would have published its full year results by 30th June 2017, although 30th September 2017 is the deadline by which they have to provide the accounts to Companies House.

The new auditors KPMG and Wyevale say "the accounts are currently being finalised" and it is understood that they may be published by the end of August. If that happens, it's expected that the accounts will detail a new strategy led by the refinancing arrangement.

Read - Terra Firma forced to prop-up Wyevale

It is believed that Wyevale have the objective of reaching £34m EBITDA but unfortunately recent trading has not met the required targets and Wyevale is working on making adjustments to reach the EBITDA target.

The senior Wyevale team is also busy meeting credit insurers to discuss cover limits.

Wyevale's retail prices on the largest gardening brands have consistently been uncompetitive when compared to B&Q, Homebase, Bunnings Warehouse and Wickes in the Insight iGarden30 audit. The price basket that we update every two weeks has at times shown Wyevale to be as much as 32% more expensive than their competitors on identical products. For more information on the iGarden30 click here.

Source: Insight DIY Team

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03 August 2017

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