UK DIY News
Primrose Garden Centre Sold To Private Investment Company
It’s business as usual for Primrose, the online garden retailer, following its sale to Luke Johnson, one of the country’s most prominent entrepreneurs.
His vehicle, Risk Capital Partners completed the deal last week. It involved a restructuring with a pre-pack administration of Primrose's parent company. Primrose was sold as a going concern.
The management team, headed by Mark Pearson the former CEO of Solus and Gardman, remains in place.
As a result of the deal there is no external bank debt and sales are currently strong.
Last year sales were £40m and have since grown during the pandemic.
Yahoo Finance quotes Luke Johnson, "We are very pleased to back the Primrose management to take advantage of the significant opportunities in online sales in the gardening sector.
"The business is well positioned to play an active part in the consolidation of a fragmented sector."
The Times first reported that Primrose was up for sale back in September.
Source : Reproduced with permission from George Bullivant at GardenForum
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