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Published on 26 - February - 2009
 
Wyevale Group now under Bank of Scotland control
Bank of Scotland, part of the Lloyds Group, has taken a majority share in Wyevale Goup after a re-financing deal.

Wyevale Group now under Bank of Scotland control

The deal has come about following the collapse of the Baugur Group who had a large stake in the firm, as well as many other high street interests, and is currently in administration.

In a debt-for-equity deal the bank becomes the majority owner of the firm which was taken into private control three years ago.

Chief executive officer for Wyevale, Nicholas Marshall, told diyweek.net: "All of our suppliers have been very supportive during the lengthy period taken to conclude the refinancing of the business, for which we are very grateful.

"The refinancing has boosted morale in Wyevale and the garden centres are busy preparing to capitalise on the spring season ahead."

A check with Companies House also reveals the chain should have filed accounts by the end of October last year and is currently marked as 'overdue'.

The files also reveal two members left the board at end of 2008, while David Pierpoint was promoted on to it on Tuesday (24 February).

A Bank of Scotland spokesman also confirmed the deal.



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Comments
Wyevale Garden Centres
By Mark
As a manager for Wyevale I am over the moon the finance package is complete and well done to our Chief Executive for completing this deal during these difficult times.


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