Dobbies Garden Centres have been sold today by supermarket giant Tesco to a group of investors.
The retailer has confirmed the sale of its Dobbies Garden Centres, which has stores in Peterborough, King’s Lynn and Cambridge, to an investor group led by Midlothian Capital Partners and Hattington Capital.
The centres have been sold for £217 million in cash.
Tesco chief executive Dave Lewis said: “Through their hard work and dedication to customer service, Dobbies colleagues have built a great business, and I would like to thank them for everything they have done.
“It was a difficult decision to sell the business, but we believe this agreement will give Dobbies a bright future, while allowing our UK retail business to focus on its core strengths.”
Andrew Bracey and Barney Burgess, of Midlothian Capital Partners and Hattington Capital respectively, said: “We are delighted to have been chosen by Tesco to take ownership of the Dobbies Garden Centres business.
“It is a great business with fantastic colleagues.
“We’re very optimistic about the potential of the business, and we look forward to growing the business across the UK from its base in Scotland.”
Tesco bought Dobbies Garden Centres in 2007, and since then it has grown to become the UK’s second largest specialist garden centre retailer, operating 35 garden centres across Scotland, England and Northern Ireland.