Planet Organic’s founder, Renee Elliott, has revealed she is returning to the company to lead a takeover deal for the supermarket chain that launched in 1995.
According to a report from Sky News, Ms Elliott has agreed to lead a rescue of the organic supermarket chain in a deal that is expected to be finalised this week.
Sources claim that she has assembled backing from a number of private investors and raise additional funds to potentially sell the company to a new owner and secure its future.
It comes after a range of retailers, including Waitrose, Sainsbury’s and Holland & Barrett have all expressed an interest in buying parts of Planet Organic.
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Peter Marsh, Planet Organic’s former chief executive, is said to have been lined up by Ms Elliott to also return to the business.
Overseeing efforts to find a buyer for the firm since February, business management consultancy Interpath Advisory is expected to be appointed administrator before selling the majority of its 13 stores to Reenee Elliott’s consortium.
The supermarket trades from just over a dozen stores in the UK and employs around 360 people.
“While we have taken every possible action to improve our position, including additional investment from our existing shareholders, we have so far been unsuccessful in raising sufficient funds needed to support the business and the growth plan,” current CEO of Planet Organic, George Dymond said.
“I want you all to know how very sorry I am that we are in this position – I am conscious that this will be a very uncertain time for you all,” he said.
