DIYWEEK.net

Gardening company Gardman recently announced its successful completion of a financial restructuring within the group.
The restructuring involved its four operating companies in the UK ,USA and Australia being acquired by a new parent company GGML Ltd, which is in turn owned by Gardman Group Ltd. The balance sheet for the company was restructured and a substantial reduction was made in the group's debt.

Gardman confirmed it will continue under the same management team, and added that the new structure will "provide the business with the financial strength and flexibility to maintain its market leading position in the garden sundries and wild bird care markets."

Gardman chief executive Mark Pearson said: "We are delighted to have completed the restructuring through a well-managed process which has not impacted any of the group's customers, suppliers or staff.

"We have a very clear vision for the future, a strong and committed management team, and we now have the right capital structure which will allow us to invest further in growth both here in the UK and internationally."

Gardman's new chairman Jonathan Halford added: "The financial restructuring of Gardman is an extremely positive move for the business which had been held back by the burden of debt arising from the sale in 2007 and the challenging market conditions in following years.

"The restructuring has given the company a robust balance sheet, with a modest level of debt and substantial liquidity, and with that solid footing I am confident that we will make great progress in driving our business forward."