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Gardman 'Confident' of Securing a Buyer

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Sky News published a story last week indicating that Gardman has filed a notice of intention to appoint administrators in order to buy itself breathing space as it attempts to negotiate an emergency sale with prospective buyers.

The story adds that Rutland, who suffered the collapse of Maplin earlier this year, had already received a number of "credible" bids and that the turnaround investor was confident of securing a deal that would avert Gardman's collapse.

Sky News understands that a deal needs to be concluded sometime next week to avoid that fate, although it was unclear when they reported on Thursday whether any sale would be on a solvent basis or through a pre-pack administration.

Read the full Sky News story here.

GTN Xtra also understands that suppliers to Gardman have also been told last week that the Directors put in place a statutory moratorium to protect the business whilst they are seeking to achieve their desired outcome which is a sale of the business.

As a result Gardman are not paying any outstanding supplier balances for a period of 10 working days beginning on October 3rd.

After this year of highs. lows, fires, snow, heatwaves and buinesses sales, Wednesday October 17th could bring yet another twist to the UK garden retailing landscape for 2018.

Source : Reproduced with permission from the good people at GTN Xtra

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15 October 2018

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