Published on 4 - May - 2012
UPDATE: Flying Brands completes sale of online gardening businessesIn a deal worth £0.8m, Garden Bird Supplies, Garden Centre Online and the Listen2 businesses have all been sold by Flying Brands to home entertainment distributor MBL Group plc.
The sale was announced last month but awaited shareholder approval. As the group announced its annual results - showing a pre-tax loss of £3.2m for the year ending December 30, 2011 - chairman Tim Trotter spoke out about the decision to sell the businesses.
"Garden Bird Supplies has suffered from a significant increase in competition in its sector coupled with steep rises in the price of the commodities making up its products and will in future require a considerable investment in marketing to restore it to its previous levels of profits. We took the view that this business should therefore be sold along with Garden Centre Online and Listen2."
It comes as Flying Brands announced its intention to sell off Gardening Direct, another online gardening business, by the end of June this year.
DIYWeek.net does not edit comments which are submitted directly by our users to express their own views. Please report abuse of our comment system here.
© Datateam Business Media Limited 2012. DIY Week.net news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.