The well being meals chain Holland & Barrett is weighing a last-ditch rescue bid for Planet Natural, the meals and private care retailer which stands getting ready to collapse.
Sky Information understands that H&B, which is owned by the Russian-linked funding group LetterOne, is amongst a handful of suitors who stay keen on shopping for elements of Planet Natural.
Metropolis sources stated that H&B’s curiosity resides in its goal’s model and mental property reasonably than its portfolio of 13 shops.
Like various the opposite events who’re in talks with Interpath, Planet Natural’s adviser, a rescue deal would nonetheless entail substantial job losses amongst its 360-strong workforce.
One insolvency business practitioner stated on Wednesday that Planet Natural had determined to hunt an extension to a discover of intention to nominate directors that it had lodged late final month.
The extension will give it till near the top of the month to finalise a deal.
Sky Information beforehand reported that Planet Natural’s potential buyers include Redbus Ventures, an funding car arrange by one of many founders of Lovefilm.
Waitrose, the grocery arm of the John Lewis Partnership, pulled out of talks about a deal with Planet Natural in March.
For Holland & Barrett, which has a provider relationship with Planet Natural, a deal would make strategic sense though it could symbolize small change in monetary phrases.
A sale of the enterprise was more and more prone to happen by a pre-pack administration course of.
Planet Natural chief government George Dymond instructed workers final month that it had “not obtained again to the degrees of gross sales that we had been seeing earlier than the pandemic”.
“So, whereas now we have taken each potential motion to enhance our place, together with further funding from our present shareholders, now we have up to now been unsuccessful in elevating enough funds wanted to help the enterprise and the expansion plan.
“I would like you all to know the way very sorry I’m that we’re on this place – I’m aware that this might be a really unsure time for you all.”
Planet Natural, which was based in 1995 by Renee Elliot, has been working with Interpath on a overview of its strategic choices since early this 12 months.
The chain sells natural food and drinks, in addition to healthcare and bodycare merchandise.
Like many retailers, its current efficiency has been hampered by the pandemic and decreased metropolis centre footfall.
It’s understood to have been loss-making in every of its final two monetary years.
A spokesman for LetterOne declined to remark.