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J Sainsbury, the grocery store large, has joined a queue of bargain-hunting buyers analyzing a last-ditch rescue of the Planet Natural model.
Sky Information has learnt Sainsbury’s has pitched a proposal for Planet Natural’s identify and mental property belongings in a deal that may in all probability be applied by means of an insolvency course of.
Retail trade sources stated the grocery store’s curiosity was “speculative” and downplayed the possibilities of a deal going down.
It comes after rivals, together with Waitrose, have additionally held talks with Planet Natural’s advisers at Interpath Advisory a few deal.
Final week, Sky Information revealed the well being meals chain Holland & Barrett was also weighing an eleventh-hour bid for the natural meals and private care chain.
Insiders tipped H&B, which is owned by the Russian-linked funding group LetterOne, because the likelier purchaser of elements of Planet Natural.
Redbus Ventures, an funding automobile arrange by one of many founders of Lovefilm, has additionally lodged a proposal.
Planet Natural trades from simply over a dozen shops and employs roughly 360 folks.
A decision of the corporate’s future is anticipated this week, following the extension of a discover of intention to nominate directors.
Any deal is more likely to contain a considerable variety of redundancies.
Planet Natural chief government George Dymond informed employees final month it had “not obtained again to the degrees of gross sales that we had been seeing earlier than the pandemic”.
He added: “So, whereas we’ve got taken each doable motion to enhance our place, together with further funding from our present shareholders, we’ve got to date been unsuccessful in elevating ample funds wanted to assist the enterprise and the expansion plan.
“I need you all to understand how very sorry I’m that we’re on this place – I’m aware that this can be a really unsure time for you all.”
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Planet Natural, which was based in 1995 by Renee Elliot, has been working with Interpath on a evaluation of its strategic choices since early this 12 months.
The chain sells natural foods and drinks, in addition to healthcare and physique care merchandise.
Like many retailers, its current efficiency has been hampered by the pandemic and diminished metropolis centre footfall.
It’s understood to have been loss-making in every of its final two monetary years.
Sainsbury’s and Interpath declined to remark.
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