Planet Organic rescued by founders but three London stores will close
The founders of Planet Organic have bought the business back from administrators in a bid to keep the health-focused grocery store alive, but four stores will be forced to close as part of the process.
Advisors Interpath sold the struggling chain to Bioren Limited, a business that was set up last month by the founders of Planet Organic, Renée and Brian Elliott. The value of the deal was not disclosed.
The deal will see 10 Planet Organic stores continue to trade in London, with 194 store jobs and 71 jobs at its head office saved.
However, its shops in Henley-on Thames, Teddington, Bermondsey and Tottenham Court Road, will close, resulting in 64 job losses.
Gareth Slater, director at Interpath Advisory who led the sales process, added: “After a competitive process, we’re delighted to have concluded this transaction which will see the Planet Organic name continue to trade and, importantly, protects a large number of jobs.
“We know that the new owners have exciting plans for the business and we wish them the very best for the future and look forward to seeing the business go from strength to strength.”
Planet Organic revealed back in February that it was drafting in advisors for a possible sale of the business.
At one point, supermarket Waitrose was cited as a possible suitor for the brand, but it eventually pulled out of the race.