Flying Brands receives bid approach from West Coast Capital

by Nikki Sandison, Brand Republic 08-Aug-08, 14:40

LONDON - Flying Brands, the home shopping company which owns Gardening Direct, has received a takeover bid from Scottish entrepreneur Sir Tom Hunter's investment company West Coast Capital.

Hunter already holds a 29.9% stake in Flying Brands but ownership of the company would increase his share of the garden centre sector.

He also owns Wyevale Garden Centres and Blooms of Cressington.

Flying Brands said in a statement: "Flying Brands confirms that it has received a very preliminary approach from West Coast Capital. This approach is at a very early stage and there can be no certainty that it will lead to an offer being made."

Shares in Flying Brands jumped 17½p to 71½p, raising the value of the company to £18.1m.

West Coast is not expected to offer a large premium for the company, which has lost more than three quarters of its value in the past year after a series of structural problems and declining sales.

Flying Brands launched in 1981 as Flying Flowers, when it grew carnations on a farm in Jersey for tourists but quickly developed into a home shopping business.

In 1995 the company bought DPA Direct, out of which it built gardeners' home shopping business Gardening Direct.

Flying Brands also owns collectables business Benham, audio book brand Listen 2 and Garden Bird Supplies.