// Holland & Barrett owner LetterOne eyes stake in struggling grocer Planet Organic
// The organic supermarket chain has sought an extension to a notice to file administrators it filed last month
Holland & Barrett owner LetterOne is in talks about a last-minute rescue bid for struggling organic supermarket chain Planet Organic.
The investment group is one of several suitors interested in snapping up parts of the grocer which is on the brink of collapse, Sky News reported.
City sources said the firm was interested in its target brand and intellectual property rather than its 13-store portfolio.
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Planet Organic chief executive George Dymond is said to be focused on keeping the business intact.
However, a rescue deal for the supermarket is likely to result in significant job losses among its 360 workforce.
One insolvency practitioner said Planet Organic had sought an extension to a notice of intention to appoint administrators that it filed at the end of March.
The move will give the chain until close to the end of the month to secure a last-minute deal.
Investment firm Redbus Ventures, set up by Lovefilm co-founder Simon Franks and has backed online florist Flowerbx, is among the interested parties.
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