Edinburgh Woollen Mill Withdraws from Wyevale Bid

Edinburgh Woollen Mill Group (EWM) has withdrawn from talks about a potential bid for the 145 store chain, Wyevale Garden Centres.

The group, which also owns high street chains Peacocks and Jane Norman, was revealed to have issued an offer for the gardening retailer yesterday but has now confirmed its withdrawal from the process.

An EWM spokesperson told City AM “EWM Group has now withdrawn our interest from Wyevale Garden Centres. We put in a bid for the business but our interest has always been limited. We do not want to involve ourselves in a bidding war and, as a result, thought it best to withdraw from the process now.”

Terra Firma, which owns Wyevale, placed it up for sale in May after drafting in property advisors Christie & Co to handle the sales process which would see all of its 145 garden centres and 700 concessions sold.

Read - Wyevale up for sale as Terra Firma looks for full exit.

The garden retailer, which reported a £105.5 million operating loss (the largest loss in garden centre history) in its latest published set of results, is reportedly on track to see its best ever May thanks to a turnaround effort which, according to chief executive Roger Mclaughlan, has transformed the retailer “beyond recognition”.

Read - Wyevale reports biggest loss in garden centre history.

Source: Insight Team

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