KPMG to review HBOS-invested Wyevale
Independent audit of garden centre group underway
Big Four firm KPMG has been appointed to undertake a review of Wyevale
Garden Centres on behalf of UK banking giant HBOS.
The bank has a 19% stake in the business, according to a report on
HBOS is seeking a review of Wyevale’s business plan in determining whether
its profits are sustainable. Annual turnover is estimated at £125m.
Scottish entrepreneur Sir Tom Hunter is a financial backer to the business,
and is currently renegotiating £650m in loans used to finance the leveraged
buy-outs of Wyevale and Crest Nicholson.