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Garden Centre Group being sold by Lloyds

Garden Centre Group, best known as Wyevale, is being sold by Lloyds Banking Group.

PricewaterhouseCoopers is looking to kick-start the sale next month, when revenues for its 119 sites are traditionally strongest.

GCG, Britain’s biggest nursery, was opened in Hereford in 1962 by Harry Williamson and now employs 4,500 workers.
It was acquired in 2006 for £445 million by a group led by retail entrepreneur Sir Tom Hunter.

In 2008 it passed to Bank of Scotland in a debt-forequity swap after it failed to manage its £419 million loan payments.
Since then it has languished in the vast portfolio of companies Lloyds acquired when it bought Bank of Scotland owner HBOS in 2009.

Source : Lawrie Holmes - This is Money

03 July 2011
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