Edinburgh Woollen Mill Group (EWM) has now withdrawn from talks with Wyevale over a potential takeover bid.
The retail group, which also owns Peacocks and Jane Norman, was revealed to have issued an offer for the gardening retailer yesterday but has now confirmed its withdrawal from the process.
A spokesperson told Retail Gazette that EWM’s interest in the retailer was always “soft” and it is understood that its offer came well below the £300 million asking price.
Terra Firma, which owns Wyevale, placed it up for sale in May after drafting in property advisors Christie & Co to handle the sales process which would see all of its 145 garden centres and 700 concessions sold.
The garden retailer, which reported a £105.5 million operating loss in its latest published set of results, is reportedly on track to see its best ever May thanks to a turnaround effort which, according to chief executive Roger Mclaughlan, has transformed the retailer “beyond recognition”.
“EWM Group has now withdrawn our interest from Wyevale Garden Centres,” a spokesperson told City AM.
“We put in a bid for the business but our interest has always been limited.
“We do not want to involve ourselves in a bidding war and, as a result, thought it best to withdraw from the process now.”