Home and garden furniture, lighting and homewares business The Garden Trading Company, a subsidiary of Joules, was sold out of administration for over £3m.
Ryan Grant and Will Wright, both from Interpath Advisory, were appointed as joint administrators to The Garden Trading Company on 16 November 2022.
Detailed in newly documents on Companies House, the business was sold to TGTC Limited, a subsidiary of Yorkshire private equity firm TIM Group Holdings (TGH), for a sum of £3.46m on 14 December 2022. As part of the sale, all 53 jobs were saved.
The sale breakdown included £3.2m for stock, £206,000 for pre-appointment book debts and £1,000 for other assets including vehicles, business records, contracts, IP, customer database and goodwill.
Prior to the sale, administrators approached 43 interested parties under a revised sale process, with 28 given access to review further financial information. From this, nine offers were received, seven of which were on a going concern basis and two of which were on an assets-only basis.
Two parties were reviewed and progressed with both implementing further due diligence and submitting final offers, with the one accepted, as detailed above, proving to be the best value to creditors.
Following the sale, a licence to occupy the Carterton warehouse has been granted for a period of three months.
In a statement, administrators said: “The Garden Trading Company had grown rapidly to become a leading retailer of distinctive garden and homewares, so we’re pleased to have achieved this outcome which ensures the business will continue to trade, and which safeguards over 50 jobs. We wish the management team and TGH all the very best for the future.”
Laurie Houghton, managing director of The Garden Trading Company, added: “I’m delighted that TIM Group Holdings shares our vision and commitment to both our customers and our team to support our ambitious plans in growing both the brand and product range in the future.”
TGH also commented: “We are extremely impressed by the management team and have great confidence in supporting and investing in their future.”
The Garden Trading Company was advised by Eversheds Sutherland, while TGH was advised by Freeths.