Published Date:
21 May 2008
THE battle between Tesco and Scotland's richest man, Sir Tom Hunter, over control of Dobbies Garden Centres ended today with the retail billionaire agreeing to sell his stake.
Sir Tom's investment vehicle West Coast Capital is to sell its 29.2 per cent stake in the Midlothian company for a cut-price £36.3 million.
But Tesco has pledged to retain the Dobbies brand and continue to have its head office in Lasswade.
Last week Sir Tom, who owns rival garden centre chain Wyevale and Blooms of Bressingham, lost a legal battle with Tesco to prevent a £150m open offer of new shares to raise funds from investors for expansion.
It would have cost around £40m for WCC to buy the extra shares and maintain its stake in the business, which could otherwise have fallen to around 15 per cent.
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Last Updated:
21 May 2008 1:52 PM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
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Related Topics:
Tom Hunter
,
Tesco
