// Investment firm Redbus Ventures eyes stake in struggling grocer Planet Organic
// The organic supermarket chain put administrators on standby last week after Waitrose called off talks
Planet Organic is being eyed by investment firm Redbus Ventures, set up by Lovefilm co-founder Simon Franks, which is understood to be plotting a rescue bid for the health food business.
The firm, which has backed online florist Flowerbx and sustainable natural deodorant brand Wild, is among the interested parties exploring offers for the struggling chain, Sky News reported.
City sources said Redbus Ventures was considering a proposal that would inject several million pounds into the organic supermarket chain immediately.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Planet Organic put administrators on standby last week after talks with Waitrose fell through.
Chief executive George Dymond said: “While we have taken every possible action to improve our position, including additional investment from our existing shareholders, we have so far been unsuccessful in raising sufficient funds needed to support the business and the growth plan.
“In the meantime, however, we have had to take legal steps to protect the position of the business to afford us the time to be able to find a solution to the challenging situation we face, including filing at court a notice of intention to appoint administrators which is the first step in a potential administration process.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
