Holland & Barrett owner LetterOne is eyeing up struggling supermarket chain, Planet Organic.
According to reporting by Sky News, while the investment group is in talks about a last-minute rescue bid, it is one of several suitors looking to take part of the grocer which is on the brink of collapse.
Instead of looking to snap up Planet Organic’s 13-store portfolio, which is mainly based within London, city sources have said LetterOne is interested in its target brand and intellectual property.
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
While Planet Organic chief executive, George Dymond is said to be set on keeping the business afloat, a rescue deal would likely result in significant job losses among its workforce of 360 employees.
Last month, Planet Organic put administrators on standby as as it rushed to raise additional funds to secure its future.
It filed a notice of intention to appoint insolvency practitioners amid rescue talks, as city sources said it needs a multimillion-pound cash injection in the next month to survive.
This came as upmarket retailer Waitrose pulled out of talks to acquire a stake.
The agreement, which was first agreed in November, would have seen Waitrose inject millions of pounds into the supermarket in exchange for a significant shareholding, retail industry sources said.
