Dobbies Files Accounts Following Restructure

Reproduced with kind permission from GardenForum.

Dobbies Garden Centres Group Limited has filed its historic Annual Report and Financial Statements for the Group and its subsidiaries. These accounts cover 2 financial years (FY), with both 2024 and 2025 being filed following the successful completion of a Restructuring Plan.

For FY24, whilst turnover was in line with FY23, Dobbies continued to experience difficult trading conditions because of adverse weather conditions during the peak spring/summer 2023 trading season. These issues were exacerbated by the cost-of-living concerns at that time. As a result, underlying EBITDA was a loss of £1.7m in the year (FY23: £5.2m loss).

Restructuring Plan

During FY25, the Board undertook an extensive review of Dobbies’ financial position, looking at unsustainable property leasing agreements linked to historical acquisitions. The Board started turning the business around, instigating a Restructuring Plan. This allowed Dobbies to exit the leases of 24 over-rented, lossmaking stores and to secure rent concessions on a further two loss-making sites. As a result, underlying EBITDA was a loss of £6.2m.

Dobbies now operates a streamlined estate of 53 stores and is focused on returning to profitability through delivery of its strategy, led by a new Executive team and supported with a new working capital facility of £28m to enable investment in the business.

A solid foundation for growth

Building on a solid foundation for growth, the strategy is focused on expanding the ranges, developing the restaurant offer and investing in stores. Through the delivery of this strategy, improved supplier engagement, better stock availability and a sustained period of favourable spring/summer weather, overall business performance is improving significantly, including double-digit sales growth (on a like-for-like basis) in the year to date.

Over £4m is being invested in store development, with four stores completed and a further six currently underway.

Speaking to Retail Week about the results, Dobbies CEO David Robinson said: “These are historic. Since February we’ve had good weather and strategic initiatives landing. 

“We’re double-digit up like-for-like, and basically we’re where we expected to be."

Source : Reproduced with kind permission from GardenForum

Image : Dobbies Cadnam (corporate image) 

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