// Planet Organic founder Renee Elliott returns to spearhead rescue deal after obtaining backing from a number of private investors
// Former chief executive Peter Marsh is said to have been lined up by Ms Elliott to return to the business
Planet Ogranic’s founder Renee Elliott, who established the organic supermarket back in 1995, is returning to spearhead a takeover that will be implemented through a pre-pack administration, Sky News reports.
The outlet has learnt that Elliott has agreed to lead a takeover of Planet Organic in a deal expected to be finalised today (Tuesday).
According to city sources, she assembled backing from a number of private investors, and planned to acquire the company through a pre-pack administration.
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Interpath Advisory, which has been overseeing efforts to find a buyer for Planet Organic since February, is set to be appointed administrator before selling the majority of its 13 stores to Elliott’s consortium.
Planet Organic’s former chief executive Peter Marsh is said to have been lined up by Ms Elliott to return to the business.
Further details of the rescue deal remain unclear but come after weeks of talks with a range of parties.
Last week Sainbsury’s became the latest bidder to explore a last-minute rescue bid on the business, alongside Waitrose and Holland & Barrett.
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