Planet Organic, is reported to have taken on advisers with a view to a possible sale.
According to reports first published in Sky News, the British grocer is working with financial advisory firm Interpath on a review of its “strategic options”.
Sources revealed to the outlet that Planet Organic was seeking funding to “help deliver its growth plans”.
A spokesperson for Planet Organic, told Sky News that the group was “working closely” with its advisers to help “navigate options to secure further investment”.
They added: “This additional funding will enable us to support the next phase of our current growth plans.”
Last September, the organic grocer said that it was looking to raise £30m over the next two years to help with the roll out of over 100 stores across the UK.
The grocery chain, which is headed by George Dymond, currently has 13 stores in London and is set to open a new site in Teddington at the end of February.
The plan was announced in conjunction with the group’s most recent financial accounts ending August 2021 – with Planet Organic posting a turnover of £37.6m down from £40.7m the previous year.
At the time, the retailer cited the pandemic and a hike in inflation for the dip in earnings.
City A.M has approached Planet Organic for a comment.
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