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    KPMG to review HBOS-invested Wyevale

    KPMG to review HBOS-invested Wyevale

    Independent audit of garden centre group underway

    Author Date published October 27, 2008 Categories

    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
    retail-week.com

    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.

    Further Reading:

    Sovereign
    funds target UK plc

    MP
    attacks ‘dodgy auditing’ and conflicts of interest

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