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HBOS appoints KPMG to review Wyevale.

Global Banking News-27 October 2008-HBOS appoints KPMG to review Wyevale(C)2008 ENPublishing -

Global Banking News - 27 October 2008(c)2005 - Electronic News Publishing -

HBOS (LSE: HBOS) has appointed KPMG to conduct an independent review of Wyevale Garden Centres, The Sunday Telegraph has reported.

HBOS has a 19 percent stake in Wyevale, and KPMG has been instructed to review its business plan to find out if its profits were sustainable. The garden centre group, which is supported by Scottish entrepreneur Sir Tom Hunter, has an annual turnover of about GBP125m.

Wyevale has a large debt facility with HBOS, the report said, adding that Hunter, who has a 40 percent stake in Wyevale, had helped to take the business private in April 2006.

HBOS and Hunter's investment vehicle, West Coast Capital, are considering the renegotiation of a total of GBP650m of loans used to finance the leveraged buy-outs of Wyevale and Crest Nicholson.

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Publication:Global Banking News (GBN)
Date:Oct 27, 2008
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