Sainsbury’s joins bidders for Planet Organic
Planet Organic has been working with Interpath Advisory on a review of its strategic options since early this year.
Sainsbury’s has reportedly launched a bid for Planet Organic’s name and intellectual property assets, according to reports from Sky News.
It is believed that any potential deal is likely to be implemented through an insolvency process.
Sources told Sky said the grocer’s interest was “speculative” and downplayed the chances of a deal taking place.
This news comes after Waitrose, owned by the John Lewis Partnership, pulled out of a deal to acquire Planet Organic in March.
It has also been reported that Holland and Barrett is weighing up a bid for the organic food company.
According to sources Holland and Barrett are tipped as the likeliest company to win the auction for parts of Planet Organic.
A resolution of the company’s future is expected this week, following the extension of a notice of intention to appoint administrators and any deal is likely to involve a substantial number of redundancies.
The company put administrators on notice at the end of March as it needed a multi-million pound cash injection to survive.
Planet Organic has been working with Interpath Advisory on a review of its strategic options since early this year.
Sainsbury’s has been approached by Retail Sector for comment.
