The nicely being meals chain Holland & Barrett is weighing a last-ditch rescue bid for Planet Natural, the meals and personal care retailer which stands on the brink of collapse.
Sky Information understands that H&B, which is owned by the Russian-linked funding group LetterOne, is amongst a handful of suitors who keep obsessed with purchasing for parts of Planet Natural.
Metropolis sources talked about that H&B’s curiosity resides in its aim’s mannequin and psychological property barely than its portfolio of 13 outlets.
Like fairly a couple of the alternative occasions who’re in talks with Interpath, Planet Natural’s adviser, a rescue deal would nevertheless entail substantial job losses amongst its 360-strong workforce.
One insolvency enterprise practitioner talked about on Wednesday that Planet Natural had decided to hunt an extension to a uncover of intention to appoint administrators that it had lodged late remaining month.
The extension will give it until close to the tip of the month to finalise a deal.
Sky Information beforehand reported that Planet Natural’s potential patrons embrace Redbus Ventures, an funding automotive prepare by one among many founders of Lovefilm.
Waitrose, the grocery arm of the John Lewis Partnership, pulled out of talks a couple of deal with Planet Natural in March.
For Holland & Barrett, which has a supplier relationship with Planet Natural, a deal would make strategic sense although it is going to characterize small change in financial phrases.
A sale of the enterprise was increasingly extra prone to occur by the use of a pre-pack administration course of.
Planet Natural chief authorities George Dymond knowledgeable workers remaining month that it had “not acquired again to the degrees of gross sales that we have been seeing earlier than the pandemic”.
“So, whereas we’ve got taken each doable motion to enhance our place, together with extra 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 would really like you all to know how very sorry I’m that we’re on this place – I’m conscious that this may in all probability be a very not sure time for you all.”
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Planet Natural, which was based mostly in 1995 by Renee Elliot, has been working with Interpath on a overview of its strategic selections since early this yr.
The chain sells pure meals and drinks, along with healthcare and bodycare merchandise.
Like many retailers, its present effectivity has been hampered by the pandemic and decreased metropolis centre footfall.
It’s recognized to have been loss-making in each of its remaining two financial years.
A spokesman for LetterOne declined to comment.