Wed, 07 Jul 2010 | BUSINESS SALE
Following Kinglea Plants' failure to find a buyer for the business, the bedding grower's Essex sites are on the market for £5 million.
No interest was recorded for Kinglea, which employs 200 people and went into administration on 28 April this year.
It had previously supplied bedding to Tesco, Wilkinsons and various garden centres. The site will now be sold for salad growing.
Quinton Edwards is selling the 37ha Shottentons Farm with 3ha of 5.4m of glass and a range of ancillary buildings, with planning consent for a further 3ha of glass and ancillary buildings.
Nearby Lakeside Nursery with 2.5ha of land, 1.4ha of glass, staff accommodation and a five-bed dwelling is also for sale.
BDO said, "No acceptable offer has been received for the business as a going concern. Therefore, the receivers will now market the two freehold properties and other business assets with the assistance of agents BNP Paribas and Quinton Edwards."
Concerns abound that the sale will leave a huge gap in the market for bedding that could lead to shortages and price rises.
Amongst those who turned down the chance to purchase Kinglea included German plant supplier Langard UK, who has recently bought UK growers Chessum and Brinkmans.
But Langard UK managing director Richard Egerton said: "I can confirm that we have considered Kinglea but have decided not to progress any further."
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
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This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
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