Terra Firma in final stages of Garden Centre sale

Terra Firma, the private equity firm controlled by the City financier Guy Hands, is among a small number of buy-out companies that have submitted second-round bids of up to £300m to acquire the Garden Centre Group (GCG).

Lloyds – which owns about 40 per cent of GCG – put the 130- store gardening specialist on the market, hiring Rothschild as its adviser, and second round bids were due in by 2 December. Terra Firma, CCMP and possibly one other suitor placed second-round offers to acquire the retailer, but it is unclear if the Apax is still involved. The sale of the business is unlikely to be completed until next year, as the bidders are understood to have asked for more time to study the books.