Main Lender Takes Control of Dobbies as Directors Resign

According to George Bullivant at Garden Forum, the Dobbies chairman and 4 other directors have resigned as Dobbies shares are bought by its main lender, Ares Management.

Gardenforum understands that Ares Management has acquired control of the shares of Dobbies. They were the principle lender to Dobbies with a loan outstanding of £224m at the date of the last accounts. 

The company said: “Funds managed by Ares Management have acquired Dobbies Garden Centres and have committed to financially support the business.  

“Ares’ funds have been lenders and shareholders since the business was acquired from Tesco in 2016. With the support of Ares’ funds, we will continue to execute on our strategy to drive the long-term growth of Dobbies.”

It should mean that the garden centre properties that were tied up as security for the Ares loans become untangled should the new owners wish to restructure the group.

The resignations of Andrew Bracey chairman and 4 other directors of Dobbies Garden Centres Group were posted earlier today at companies House. CEO Graeme Jenkins remains active as a director.

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