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Flying Brands sells brands off in £0.72m deal

Published: 2 April 2012
Gardening Direct's parent company announced the conditional sale of its Garden Centre Online, Garden Bird Supplies (GBS) and Listen2 (L2) trade and assets to home entertainment distributor MBL Group plc this week, pending shareholder approval.
Flying Brands sells brands off in £0.72m deal
Following a 33% sales decline in Q4 2011 which came on the back of the loss of a major contract with supermarket giant Morrisons last April, the board at Flying Brands determined it was "no longer financially viable to continue to supply direct to major retailers."

The decision was made to continue the transition towards direct to consumer and online sales and "seek opportunities to diversify operations."

The three businesses generated a combined operating profit of £600,000 for the year ending 31 December, 2010 and have a customer base which it is hoped will enhance the current offering of MBL, parent company of Garden & Home Trading Company.

A recent restructuring at Flying Brands has already seen the sale of its gifts division and two properties in Jersey.

The purchase is conditional on Flying Brands Ltd receiving shareholder approval for the disposals and it is expected that completion will take place no later than May 4, 2012.

MBL group chairman Peter Cowgill said: "I am very pleased to announce the purchase of Listen2, Garden Bird Supplies and Garden Centre Online. The purchase broadens the scope of the group's operations and supports the board's strategic intent to strengthen the group following the loss of its major customer last year."

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