Mon, 20 Feb 2023 | BUSINESS SALE
According to reports, organic supermarket chain Planet Organic is exploring a possible sale of the business. Sky News reports that the company, which trades from 13 stores in the UK, is seeking funding to help deliver its growth plans.
In the company’s reports for the year ending August 28 2021, it registered turnover of £37.6 million, down from £40.6 million a year earlier, and saw its post-tax losses widen from £2.4 million in 2020 to £3.3 million.
The company’s performance has been impacted in recent years by a general decline in high street and city centre retail footfall, a trend that was accelerated by the COVID-19 pandemic and its associated lockdowns during 2020 and 2021.
Over recent months, the company has closed several stores, including a location in Wandsworth, South West London. However, the retailer, which is predominantly present in London, is reportedly looking to open a new South West London store in Teddington.
In a statement, a spokesperson for Planet Organic commented: "We are working closely with our advisors to help us navigate options to secure further investment. This additional funding will enable us to support the next phase of our current growth plans."
Advisory firm Interpath has been engaged by Planet Organic to help the business review its strategic options. The company was founded by Renee Elliot in 1995, with current chief executive George Dymond having taken over the business a little over a year ago.
As well as organic food and drinks, the company also sells healthcare and bodycare products. In its most recent accounts, the company’s fixed assets were valued at slightly over £6 million and current assets at £6.4 million, with liabilities meaning that its net assets amounted to just under £25,000.
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